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Dec. 11, 2012 /PRNewswire/ -- Gasco Energy, Inc. (NYSE MKT: GSX) ("Gasco" or the "Company") today announced that on
December 6, 2012, it received notice from the NYSE MKT LLC (the "Exchange") indicating that the Company does not satisfy the continued listing standards of the Exchange set forth in Section 1003(f)(v) of the NYSE MKT LLC Company Guide (the "Company Guide") because the Company's common stock has traded at a low price per share for a substantial period of time. The Company has not yet determined what action, if any, it will take in response to this notice. In the notice, the Exchange predicates the Company's continued listing on the Exchange on the Company effecting a reverse stock split of its common stock by
June 6, 2013.
There can be no assurance that the Company will be able to achieve compliance with the Exchange's continued listing standards within the required time frame. If the Company is not able to regain compliance with the continued listing standards by the end of the specified period, the Company will be subject to delisting procedures as set forth in the Company Guide.
About Gasco EnergyDenver-based Gasco Energy, Inc. is a natural gas and petroleum exploitation, development and production company engaged in locating and developing hydrocarbon resources, primarily in the Rocky Mountain region and in
California's San Joaquin Basin. Gasco's principal business is the acquisition of leasehold interests in petroleum and natural gas rights, either directly or indirectly, and the exploitation and development of properties subject to these leases. Gasco focuses its drilling efforts in the Riverbend Project located in the Uinta Basin of northeastern
Utah, targeting the oil-bearing Green River Formation and the natural gas-prone
Mancos, Dakota and
Morrison formations. To learn more, visit
Certain statements set forth in this press release relate to management's future plans, objectives and expectations. Such statements are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this press release, including, without limitation, statements regarding Gasco's future compliance with the Exchange's continued listing standards, are forward-looking statements. These statements express, or are based on, management's current expectations and forecasts about future events. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "should," "would," "could," "expect," "intend," "project," "estimate," "anticipate," "plan," "believe," "foresee," or "continue" or the negative thereof or similar terminology.