The New York Stock Exchange (NYSE) has issued Stone Energy Corp. a notice of non-compliance for failing to maintain its market capitalization listing standard. The company received the notice on May 17. Its average market capitalization has been less than $50 million over a consecutive 30-day trading period. Under NYSE rules, the company was given 10 business days from receipt of the notice to send a letter saying it would submit a plan that demonstrates its ability to regain compliance within 18 months. It then has 45 days after it sends the letter to submit such a plan. Stone Energy’s finances have rapidly deteriorated in recent months with the fall in commodity prices; its borrowing base has been cut, its capital budget has been slashed, and it has warned of default and hired an adviser to explore strategic alternatives (see Shale Daily,April 18;March 15). The company, which primarily operates in the offshore Gulf of Mexico and the Appalachian Basin, has shut in nearly all of its production in the Marcellus Shale, where differentials have been squeezing its returns. Its stock has traded at a 52-week low of 27 cents/share.
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Articles from Notice
Questar Wins FERC Approval to Streamline Reserve Capacity Procedures
FERC has approved a request from Questar Pipeline Co. to use streamlined procedures that would allow the company to reserve capacity for expansion projects and to sell the capacity on an interim basis without the right of first refusal (ROFR) by shippers.
PHMSA Mulls Expansion of IMP Requirements for Gas Pipelines
The Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA) has published a notice on whether to expand integrity management program (IMP) requirements for natural gas pipelines beyond high-consequence (HCA) or high-population areas.
FERC Proposes NatGas Pipes, Transmission Operators Share Information
FERC on Thursday issued a draft notice of proposed rulemaking (NOPR) that would allow interstate natural gas pipelines and electric transmission operators to share nonpublic operational information that they believe would promote reliable service and better planning on their systems. The proposal is the first concrete step that the Federal Energy Regulatory Commission (FERC) has taken toward coordinating the two markets.
FERC Extends Comments on Quarterly Gas Reporting
FERC has extended until Feb. 12 the deadline for comments on its notice of inquiry (NOI) on whether to require quarterly reporting of jurisdictional next-day and next-month transactions under the Natural Gas Act in order to increase transparency in the wholesale natural gas market.
FERC Extends Comment Deadline on Quarterly Gas Reporting NOI
FERC has extended until Feb. 12 the deadline for comments on its notice of inquiry (NOI) on whether to require quarterly reporting of jurisdictional next-day and next-month transactions under the Natural Gas Act in order to increase transparency in the wholesale natural gas market.
Pennsylvania Driller Buys Chesapeake Leases in New York
A Pennsylvania driller has bought more than 56,000 acres of leasehold, hundreds of producing natural gas wells and nearly 200 miles of natural gas pipeline and other infrastructure in New York state from a subsidiary of Chesapeake Energy Corp. It said it plans to drill vertical wells on the acquisition acreage this year.
National Fuel Proposes Pooling, Storage Flexibility in Appalachia
National Fuel Gas Supply Corp. in separate filings has asked FERC for permission to create new pooling points on its system and to enhance gas storage service by decoupling injection and withdrawal rights from storage capacity rights.
Colorado Begins EPA Frack Rule Implementation
Colorado’s Air Quality Control Commission voted to partially adopt federal clean air rules that target hydraulic fracturing (fracking) emissions and hold public meetings next year to consider full implementation of the Environmental Protection Agency (EPA) rules.
Interior Approves Proposed Bakken Refinery
Interior Secretary Ken Salazar Wednesday approved a “land-into-trust” application submitted by the Three Affiliated Tribes of the Fort Berthold Reservation in western North Dakota to build the first U.S. refinery in decades — in the heart of the Bakken shale formation.
