Dune Energy, Inc. Receives Notice From NYSE AMEX for Non-Compliance With Continued Listing Criteria
31 12월 2009 - 10:15PM
PR Newswire (US)
HOUSTON, Dec. 31 /PRNewswire-FirstCall/ -- Dune Energy, Inc. (the
"Company") (NYSE AMEX: DNE) announced today that on December 28,
2009, it received notice from NYSE AMEX ("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 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; 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 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. In December of 2008, the Company received a
similar notice from the Exchange and submitted a plan (the "Plan")
detailing actions that the Company would take to bring it into
compliance with the continued listing standards by June 15, 2010
(the "Plan Period"). Although the Company was notified by the
Exchange in October 2009 that it had regained compliance, the
Company was advised that the Plan Period would remain open until
the Company could demonstrate compliance with the continued listing
standards for two consecutive quarters. 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,
2009, the Exchange determined that the Company has fallen out of
compliance with the continued listing requirements enumerated
above. As a result, the Company is subject to the procedures and
requirements of Section 1009 of the Company Guide. The Company has
been afforded the opportunity to supplement its Plan (the "Revised
Plan") in order to address how it intends to regain compliance with
Sections 1003(a)(i), 1003 (a)(ii) and 1003(a)(iii) by June 15,
2010. Such Revised Plan must be submitted to the Exchange by
January 27, 2010. If the Exchange accepts the Revised Plan, then
the Company may be able to continue its listing during the Plan
Period, during which time the Company will be subject to periodic
review to determine whether it is making progress consistent with
the Revised Plan. If the Company fails to submit such a Revised
Plan, the Revised Plan is not accepted, the Company does not make
progress toward compliance consistent with the Revised 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
Revised Plan of compliance or that, even if such Revised Plan is
accepted, the Company will be able to implement the Revised Plan
within the prescribed timeframe. 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-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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