Dune Energy, Inc. Receives Notice From NYSE Alternext US for Non-Compliance With Continued Listing Criteria
20 12월 2008 - 6:05AM
PR Newswire (US)
HOUSTON, Dec. 19 /PRNewswire-FirstCall/ -- Dune Energy, Inc. (NYSE
Alternext US: DNE) announced today that on December 15, 2008 the
Company received notice from the NYSE Alternext US ("the Exchange")
indicating that the Company is not in compliance with certain
conditions of the Exchange's continued listing standards under
Section 1003 of the Company Guide. Specifically, the Exchange noted
the Company's failure to comply with (a) Section 1003(a)(i) of the
Company Guide relating to stockholders' equity of less than
$2,000,000 and losses from continuing operations and net losses in
two out of its three most recent fiscal years; (b) Section
1003(a)(ii) of the Company Guide relating to stockholders' equity
of less than $4,000,000 and losses from continuing operations and
net losses in three out of its four most recent fiscal years; and
(c) Section 1003(a)(iii) of the Company Guide relating to
stockholders' equity of less than $6,000,000 and losses from
continuing operations and net losses in its five most recent fiscal
years. The notice was based on a review by the Exchange of publicly
available information, including the Company's Quarterly Report on
Form 10-Q for the quarter ended September 30, 2008. Upon receipt of
notice from the Exchange, the Company is subject to the procedures
and requirements of Section 1009 of the Company Guide. The Company
has been afforded the opportunity to submit a plan of compliance to
the Exchange by January 14, 2009 advising the Exchange of the
actions the Company has taken, or will take, that would bring it
into compliance with the continued listing standards identified
above by June 15, 2010. If the Exchange accepts the plan, then the
Company may be able to continue its listing during the plan period
up to June 15, 2010, during which time the Company will be subject
to periodic review to determine whether it is making progress
consistent with the plan. If the Company fails to submit such a
plan, the plan is not accepted, the Company does not make progress
toward compliance consistent with the plan, or is not in compliance
at the end of the plan period, then the Company may be subject to
delisting proceedings by the Exchange. There can be no assurance
that the Exchange staff will accept the Company's plan of
compliance or that, even if such plan is accepted, the Company will
be able to implement the plan within the prescribed timeframe. The
Company has already informed the Exchange staff that it intends to
make a timely submission to the Exchange in which it will outline
the actions and timeframe by which the Company intends to cure the
listing deficiencies and to regain its compliance with the
Exchange's continued listing requirements. As a consequence of
falling below the Exchange's continued listing standards, the
Company's stock trading symbol has become subject to the indicator
".bc" to denote its noncompliance. The trading symbol will bear
this indicator until the Company regains its compliance with the
Exchange continued listing requirements. Click here for more
information: http://www.duneenergy.com/news.html?b=1683&1=1
FORWARD-LOOKING STATEMENTS: This document includes forward-looking
statements. Forward-looking statements include, but are not limited
to, statements concerning estimates of expected drilling and
development wells and associated costs, statements relating to
estimates of, and increases in, production, cash flows and values,
statements relating to the continued advancement of Dune Energy,
Inc.'s projects and other statements which are not historical
facts. When used in this document, the words such as "could,"
"plan," "estimate," "expect," "intend," "may," "potential,"
"should," and similar expressions are forward-looking statements.
Although Dune Energy, Inc. believes that its expectations reflected
in these forward-looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that
actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to
differ from these forward-looking statements include the potential
that the Company's projects will experience technological and
mechanical problems, geological conditions in the reservoir may not
result in commercial levels of oil and gas production, changes in
product prices and other risks disclosed in Dune's Annual report on
Form 10-KSB/A filed with the U.S. Securities and Exchange
Commission. DATASOURCE: Dune Energy, Inc. CONTACT: Investors,
Steven J. Craig, Sr. Vice President Investor Relations and
Administration of Dune Energy, Inc., +1-713-229-6300 Web Site:
http://www.duneenergy.com/news.html?b=1683&1=1
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