CALGARY, Alberta, Dec. 01, 2017 (GLOBE NEWSWIRE) — Pengrowth Energy Corporation (NYSE:PGH) (TSX:PGF) today announced that it received notification on December 1, 2017 from the New York Stock Exchange (NYSE) that Pengrowth is no longer in compliance with one of the NYSE’s continued listing standards resulting from the average closing price of Pengrowth’s common stock being less than US $1.00 per share over a consecutive 30 trading-day period.
Non-compliance with the NYSE’s price listing standard does not affect Pengrowth’s business operations nor does it breach or cause an event of default under any of Pengrowth’s agreements with its lenders. Pengrowth continues to be in compliance with the terms of all of those agreements. In addition, non-compliance with the NYSE minimum share price listing standard does not affect the continued listing and trading of Pengrowth’s common shares on the Toronto Stock Exchange.
Under the NYSE’s rules, Pengrowth has a period of six months from the date of the NYSE notification to regain compliance with the NYSE’s price listing standard. Pengrowth can regain compliance if, during the applicable cure period following receipt of the NYSE notification, on the last trading day of any calendar month, Pengrowth’s common stock has a closing price of at least US $1.00 per share and a 30 trading-day average closing price of at least US $1.00 per share. Pengrowth common stock closed at a price of US $0.85 on November 30, 2017 on the NYSE. Pengrowth intends to notify the NYSE of its intent to cure this price deficiency and return to compliance with the NYSE’s price listing standard prior to the expiration of the applicable cure period.
Pengrowth’s common stock will continue to be listed and traded on the NYSE during the applicable cure period under the symbol “PGH”, but the NYSE will assign a “.BC” indicator to the symbol to denote that Pengrowth is below the NYSE’s price listing standard. This indicator will be removed at such time as Pengrowth is deemed compliant with the NYSE’s price listing standard.
Pengrowth Energy Corporation is a Canadian intermediate energy company focused on the sustainable development and production of oil and natural gas in Western Canada from its Lindbergh thermal oil property and its Groundbirch Montney gas property. The Company is headquartered in Calgary, Alberta, Canada and has been operating in the Western Canadian Sedimentary Basin for over 28 years. The Company’s shares trade on both the Toronto Stock Exchange under the symbol “PGF” and on the New York Stock Exchange under the symbol “PGH”.