SAN FRANCISCO, April 16, 2013 (GLOBE NEWSWIRE) -- GeoPetro Resources Company (NYSE MKT:GPR) ("GeoPetro" or the "Company") today announced that on April 10, 2013, the Company received notice from the NYSE MKT LLC (the "Exchange") indicating that after a review of the plan previously submitted by the Company to regain compliance with the Exchange's continued listing standards (the "Plan"), the Exchange determined that the Company has not made sufficient progress consistent with the Plan in order to regain compliance with Section 1003(a)(iv) of the NYSE MKT LLC Company Guide (the "Company Guide") by July 31, 2013 and that its securities are, therefore, subject to being delisted from the Exchange. In the notice, the Exchange also informed the Company that in accordance with Sections 1203 and 1009(d) of the Company Guide, the Company has a right to appeal the Exchange's determination by requesting an oral hearing or a hearing based on a written submission before the Exchange's Listing Qualifications Panel (the "Panel").
The Company intends to appeal the Exchange's determination by requesting an oral hearing before the Panel, which request will stay the delisting determination until at least such time as the Panel renders a determination following the hearing. The Company anticipates that the hearing will take place in approximately six (6) to eight (8) weeks time. The Company is undertaking steps to address the deficiencies raised by the Exchange. However, there can be no assurance that the Company will be successful in its appeal and that the Company's request for continued listing will be granted. Receipt of the aforementioned notice from the Exchange, and the delisting or potential delisting of the Company's securities by the Exchange, will not affect the proposed merger of the Company with a wholly owned subsidiary of MCW Energy Group Limited (previously announced), though no assurance can be given that the conditions to the merger will be either satisfied or waived.