Colorado Gov. John Hickenlooper has signed into law a bill to direct excess environmental-related funds to the long-term mitigation of abandoned oil and natural gas wells. House Bill 18-1098 addresses the adverse impacts from drilling activities administered by the Colorado Oil and Gas Conservation Commission and mandates that any excess funds in the account at the end of each fiscal year not be diverted to a broader state fund.
Nasdaq has notified Rex Energy Corp. that its stock is to be delisted on April 13 after the producer failed to meet continued listing requirements as equity is less than $2.5 million and failed to satisfy the terms of an extension to regain compliance in a timely manner. The company said it would not appeal. The recent stock price was at a 52-week low of 32 cents. After the delisting, the company said its shares may be eligible to trade over-the-counter. The Appalachian pure-play recently defaulted on a semi-annual interest payment. Rex also is considering financial alternatives, which include filing for bankruptcy to restructure.