DENVER, Jan. 16, 2013 /PRNewswire/ -- Gasco Energy, Inc. (NYSE MKT: GSX) ("Gasco" or the "Company") today announced that on January 11, 2013, Gasco Energy, Inc. (the "Company") received notice from NYSE MKT LLC (the "Exchange") indicating that the Company does not satisfy the continued listing standards of the Exchange set forth in Section 1003(a)(iv) of the NYSE MKT LLC Company Guide (the "Company Guide"), which applies if a listed company has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether such company will be able to continue operations and/or meet its obligations as they mature.
In order to maintain its listing, the Company must submit a plan of compliance by February 10, 2013 (the "Plan") addressing how it intends to regain compliance with Section 1003(a)(iv) of the Company Guide by June 30, 2013. If the Company does not submit a Plan, or if the Plan is not accepted, the Company will be subject to delisting proceedings. Furthermore, if the Plan is accepted but the Company is not in compliance with the continued listing standards of the Company Guide by June 30, 2013, or if the Company does not make progress consistent with the Plan, the Exchange staff will initiate delisting proceedings as it deems appropriate.
The Company intends to provide the Exchange with a Plan by February 10, 2013, to address how it intends to regain to compliance with Section 1003(a)(iv) of the Company Guide. However, there can be no assurance that the Plan will be accepted by the Exchange or that the Company will be able to achieve compliance with the Exchange's continued listing standards within the required time frame.
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 Wasatch, Mesaverde, Blackhawk, Mancos, Dakota and Morrison formations. To learn more, visit http://www.gascoenergy.com.