OKLAHOMA CITY, Sept. 9, 2015 /PRNewswire/ -- New Source
Energy Partners L.P. (the "Partnership" or "New Source") announced
today that, on September 9, 2015, the
New York Stock Exchange ("NYSE") notified the Partnership that the
NYSE has determined to commence proceedings to delist the
Partnership's common units from the NYSE due to failure to maintain
an average global market capitalization over a consecutive 30
trading-day period of at least $15
million. The Partnership has the right to an appeal
and plans to request a review of this determination by a Committee
of the Board of Directors of NYSE Regulation. While the appeal of
the NYSE decision is pending, the Partnership's common units will
trade on the OTC market.
Additionally, on September 4,
2015, the Partnership received notice from the NYSE of the
failure of the Partnership's common equity to meet the NYSE
continued listing standard that requires the average closing price
of a listed company's common equity to be above $1.00 per unit based on a period of 30
consecutive trading days. Based on NYSE continued listing
standards, the Partnership has six months following receipt of the
NYSE notice to cure this deficiency. The Partnership must provide
notice to the NYSE of its intent to cure this deficiency or face
suspension and delisting procedures. Subject to the
Partnership's successful appeal described in the preceding
paragraph, the Partnership will consider available alternatives,
potentially including a unit combination, to cure the unit price
deficiency and return to compliance with the NYSE continued listing
requirement.
The notices from the NYSE do not affect the Partnership's
business operations or its SEC reporting requirements nor do they
conflict with or cause an event of default under any of the
Partnership's material debt agreements.
About New Source Energy Partners L.P.
New Source Energy Partners L.P. is an independent energy
partnership engaged in the production of its onshore oil and
natural gas properties that extends across conventional resource
reservoirs in east-central Oklahoma and in oilfield services that
specialize in increasing efficiencies and safety in drilling and
completion processes. For more information on the Partnership,
please visit www.newsource.com.
Forward-Looking Statements
This news release contains "forward-looking statements" which
are based on current plans and expectations and involve a number of
risks and uncertainties that could cause actual results and events
to vary materially from the results and other statements contained
in this press release. For a full discussion of these risks and
uncertainties, please refer to the "Risk Factors" section of the
Partnership's Annual Report on Form 10-K for the year ended
December 31, 2014 and the information
included in the Partnership's quarterly and current reports and
other public filings. These forward-looking statements are based on
and include the Partnership's expectations as of the date hereof.
Subsequent events and market developments could cause the
Partnership's expectations to change. While the Partnership may
elect to update these forward-looking statements at some point in
the future, the Partnership specifically disclaims any obligation
to do so, even if new information becomes available, except as may
be required by applicable law.
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SOURCE New Source Energy Partners L.P.