Dune Energy, Inc. Discloses Notice From NYSE Amex
27 10월 2009 - 5:15AM
PR Newswire (US)
HOUSTON, Oct. 26 /PRNewswire-FirstCall/ -- Dune Energy, Inc. (the
"Company") (NYSE Amex: DNE) announced today, that on October 20,
2009, the Company received notice from the NYSE Amex (the
"Exchange") that it failed to comply with Section 301 of the NYSE
Amex Company Guide (the "Company Guide"), that requires a listed
company to obtain Exchange approval prior to issuing additional
shares of a listed security. Such failure occurred as a result of
the Company issuing shares of its common stock in connection with
an unexpectedly large number of conversions of its senior
redeemable convertible preferred stock during mid-September.
Although the failure to have obtained prior listing approval for
the issuance of such shares could jeopardize the Company's
continued listing status, based on the Company's current listing
status, the Exchange has determined to treat its notice as a
warning letter pursuant to Section 1009(a)(i) of the Company Guide.
The Company has subsequently filed an application with the Exchange
seeking approval for the listing of additional shares of common
stock underlying its convertible preferred stock. Approval of the
application by the Exchange will remedy the deficiency noted in the
warning letter. On October 21, 2009, the Company received a second
letter from the Exchange stating that it had regained compliance
with respect to the Exchange's continued listing requirements set
forth in Sections 1003(a)(i), (ii) and (iii) of the Company Guide.
The Exchange noted that the Company's Plan Period will remain open
until it has been able to demonstrate compliance with the continued
listing requirements for two consecutive quarters. If the Company
does not demonstrate compliance for two consecutive quarters and/or
by the end of the Plan Period, June 15, 2010, the Exchange may
initiate delisting procedures. Until such time as the Exchange
approves the Company's application for the listing of additional
shares as set forth above, the Company's stock trading symbol will
continue to be subject to the indicator ".bc" to denote its
noncompliance. 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-K 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/
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