Trading in Houston's Goodrich Petroleum Corp. common stock was suspended Wednesday by the New York Stock Exchange (NYSE) and a delisting process has begun for the onshore producer.
Two of Goodrich's preferred stock issues listed also are to be suspended, the NYSE said Wednesday.
The stock exchange is asked the Securities and Exchange Commission to delist Goodrich's common stock, which the company said it would not appeal. It plans to trade on the over-the-counter markets under "GDPM."
Goodrich, whose primary focus is in the Eagle Ford, Haynesville and Tuscaloosa Marine shales, defaulted in the third quarter (see Shale Daily, Nov. 3, 2015).
Also Wednesday, Fort Worth, TX-based Atlas Energy Group LLC and its partnership Atlas Resource Partners LP were notified by the NYSE that they had fallen below continued listing standards related to a minimum average closing price of less than $1.00/unit over a consecutive 30-day trading period. In December the NYSE said Atlas Energy Group had fallen below its continued listing standards.
Atlas Energy Group, a master limited partnership (MLP), acquires and develops upstream and midstream oil and gas assets. Atlas Resource Partners is an exploration and production MLP that owns an interest in more than 14,500 producing natural gas and oil wells, primarily in Appalachia, the Barnett Shale, the Mississippian Lime, the Eagle Ford Shale, the Raton Basin, Black Warrior Basin and Colorado's Rangely field.
To regain compliance, the MLPs are required to achieve a closing $1.00/unit price on both the last trading day of any calendar month within the six-month cure period and at least $1.00 average unit price over the 30-day trading period preceding the end of that month. They would continue to be listed and traded on the NYSE, subject to the listing standards.