TULSA, Okla.–(BUSINESS WIRE)–Midstates Petroleum Company, Inc. (NYSE:MPO) (the “Company”) announced today that the New York Stock Exchange (“NYSE”) has accepted the Company’s plan for continued listing on the NYSE. As a result, the Company’s common stock will continue to be listed on the NYSE, subject to quarterly reviews by the NYSE’s Listing and Compliance Committee to ensure the Company’s progress toward its plan and compliance with the NYSE’s other continued listing standards.
On August 13, 2015, the Company received notice from the NYSE that the combination of the Company’s market capitalization and last reported stockholders’ equity had fallen below the NYSE’s continued listing standards. The NYSE requires that a listed company’s total market capitalization not be less than $50 million for a period of over 30 consecutive trading days and that its last reported stockholders’ equity not be less than $50 million. With the acceptance of the plan, the Company has 18 months from the original notification date in which to regain compliance with the NYSE’s continued listing standards.
About Midstates Petroleum Company, Inc.
Midstates Petroleum Company, Inc. is an independent exploration and production company focused on the application of modern drilling and completion techniques in oil and liquids-rich basins in the onshore U.S. The Company’s operations are currently focused on oilfields in the Mississippian Lime play in Oklahoma and the Anadarko Basin in Texas and Oklahoma.