Houston, June 02, 2016 (GLOBE NEWSWIRE) -- On May 26, 2016, Halcón Resources Corporation (NYSE: HK) (“Halcón” or the “Company”) received notice from the New York Stock Exchange (the “NYSE”) that the price of its common stock has fallen below the NYSE’s continued listing standard. The NYSE requires the average closing price of a listed company’s common stock not be less than $1.00 per share for a period of 30 consecutive trading days.
Under NYSE rules, the Company will regain compliance if, during the six month period following receipt of the NYSE notice and on the last trading day of any calendar month, its common stock price per share and 30 trading-day average share price is at least $1.00. During this period, the Company’s common stock will continue to be traded on the NYSE, subject to compliance with other NYSE listing requirements. Halcón has notified the NYSE of its intent to cure this deficiency through the previously disclosed restructuring and pre-packaged Chapter 11 filing it plans to commence within the next several months.
The NYSE notification does not affect the Company’s previously disclosed proposed restructuring plans, business operations or its U.S. Securities and Exchange Commission (“SEC”) reporting requirements and does not cause an event of default under any of Halcón’s debt agreements.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as "expects", "believes", "intends", "anticipates", "plans", "estimates", "potential", "possible", or "probable" or statements that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties that could cause actual results to differ materially from those reflected in the statements. These risks include, but are not limited to, the ability to consummate a restructuring plan in accordance with the terms previously disclosed; risks attendant to the planned bankruptcy process, including the effects thereof on the Company’s business and on the interests of various constituents, the length of time that the Company might be required to operate in bankruptcy and the continued availability of operating capital during the pendency of such proceedings; risks associated with third party motions in any bankruptcy case, which may interfere with the ability to confirm and consummate a plan of reorganization, potential adverse effects on the Company's liquidity or results of operations; increased costs to execute the reorganization, effects on market price of the Company's common stock and on the Company's ability to access the capital markets, and the risks set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC's website at www.sec.gov or through the Company's website at www.halconresources.com. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. The Company has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations.
About Halcón Resources
Halcón Resources Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.
Contact: Quentin Hicks SVP, Finance & Investor Relations Halcón Resources (832) 538-0557