Delisting

Lower 48 independent Abraxas Petroleum Corp. said it has received notice from Nasdaq that it does not meet continued listing standards, which require a minimum average closing price of $1.00/share over 30 consecutive trading days.

Wyoming pure-player Ultra Petroleum Corp., which has struggled financially in recent years, will soon begin trading over-the-counter (OTC) after its board decided against trying to regain compliance with Nasdaq listing standards.

Eclipse Resources Corp. said this week it has again received a delisting notice from the New York Stock Exchange (NYSE) because the common stock price has fallen below the continued listing standard.

Weatherford International plc, the No. 4 oilfield services (OFS) operator in the world, on Monday agreed to sell its surface data logging business for $50 million, just days after it was notified it could be delisted from the New York Stock Exchange (NYSE).

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.

Rex Energy Corp. has again received notice from Nasdaq that it is not in compliance with the listing standards of the Nasdaq Capital Market, putting the company in jeopardy of delisting if its plan to meet the exchange’s requirements is not accepted.

Ohio pure-play Eclipse Resources Corp. said it has received a delisting notice from the New York Stock Exchange (NYSE) because the price of its common stock has fallen below the continued listing standard.

GMX Resources Inc. (GMXR) announced Monday that it has filed for Chapter 11 bankruptcy, and is looking to finalize an asset purchase agreement with holders of the company’s senior secured notes to acquire all of GMXR’s operating assets and undeveloped acreage.