Attached files
| file | filename |
|---|---|
| 8-K - TETON ENERGY CORP | v166025_8k.htm |
Exhibit
99.1
|
FOR
IMMEDIATE RELEASE
Teton
Energy Corporation
600
17th
Street, Suite 1600 North
Denver,
CO 80202-4444
|
|
Company
contact:
Jonathan
Bloomfield
Executive
Vice President and CFO
(303)
565-4600
jbloomfield@teton-energy.com
www.teton-energy.com
Teton
Energy Corporation Receives
Delisting
Determination Notice from NASDAQ
DENVER,
November 12, 2009 /PRNewswire/ -- Teton Energy Corporation (“Teton”) (Nasdaq:
TEC) today announced that on November 9, 2009 it received written notice from
the Listing Qualifications department of The NASDAQ Stock Market that Teton’s
securities will be delisted from the NASDAQ Capital Market. The
Notice states that trading of Teton’s common stock will be suspended at the
opening of business on November 18, 2009, and a Form 25-NSE will be filed with
the Securities and Exchange Commission, which will remove Teton’s securities
from listing and registration on NASDAQ.
According
to the Notice, the NASDAQ Staff’s determination to delist Teton’s securities
from NASDAQ was based on (a) Teton’s announcement on November 9, 2009 that it
had filed for protection under Chapter 11 of the United States Bankruptcy Code
on November 8, 2009, and the associated public interest concerns raised by such
bankruptcy filing, (b) concerns regarding the residual equity interest of the
existing listed securities holders, and (c) concerns about Teton’s ability to
sustain compliance with all requirements for continued listing on
NASDAQ. The Notice also noted that on September 16, 2009, the Staff
had notified Teton that the bid price of its common stock had closed below $1
per share for 30 consecutive trading days, and accordingly, that it did not
comply with Listing Rule 5550(a)(2). Teton was provided a grace period of 180
calendar days, or until March 15, 2010, to regain compliance.
Teton may
appeal the Staff’s determination to a Panel pursuant to the procedures set forth
in NASDAQ Listing Rule 5800 Series. The appeal hearing request must
be received by the Hearings Department by November 16, 2009. The
hearing request would stay the suspension of Teton’s securities and the filing
of the Form 25-NSE pending the Panel’s decision. Teton does not at
this time intend to take any action to appeal the Staff’s determination and
therefore it is expected that Teton’s securities will be delisted from NASDAQ on
November 18, 2009.
If Teton
does not appeal the Staff’s determination to the Panel, Teton’s securities will
not be immediately eligible to trade on the OTC Bulletin Board or in the “Pink
Sheets.” Teton’s securities may become eligible if a market maker makes
application to register in and quote the security in accordance with SEC Rule
15c2-11, and such application is cleared.
Company Description: Teton
Energy Corporation is an independent oil and gas exploration and production
company focused on the acquisition, exploration and development of North
American properties. The Company's current operations are concentrated in the
prolific Rocky Mountain and Mid-continent regions of the U.S. Teton has
leasehold interests in the Central Kansas Uplift, eastern Denver-Julesburg Basin
in Colorado and the Big Horn Basin in Wyoming. Teton is headquartered in Denver,
Colorado. For more information about Teton, please visit the Company's website
at www.teton-energy.com.
Forward-Looking Statements:
This news release contains certain forward-looking statements, including
declarations regarding Teton's and its subsidiaries' expectations, intentions,
strategies and beliefs regarding the future within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. All statements contained herein are based upon information available to
Teton's management as at the date hereof and actual results may vary based upon
future events, both within and without the control of Teton's management,
including risks and uncertainties that could cause actual results to differ
materially including, among other things, Teton’s inability to continue business
operations during the Chapter 11 proceeding; Teton’s ability to obtain
court approval of the plan of reorganization and various other motions it filed
as part of the Chapter 11 proceeding; Teton’s ability to consummate the plan
of reorganization as currently planned; risks associated with third party
motions in the Chapter 11 proceeding which may interfere with Teton’s
reorganization as currently planned; Teton’s ability to seek, obtain and approve
a higher or better offer as the winning bid in the bankruptcy court auction
process; Teton’s ability to close the Plan Sponsorship Agreement, whether with
the proposed purchaser or an offer from a higher and better bid; the potential
adverse effects of the Chapter 11 proceeding on Teton’s liquidity and results of
operations; Teton’s ability to retain and motivate key executives and other
necessary personnel while seeking to implement its plan of reorganization;
market conditions; oil and gas price volatility; uncertainties inherent
in oil and gas production operations and estimating reserves; unexpected future
capital expenditures, competition, governmental regulations, and other factors
discussed in the Company's Annual Report on Form 10-K for the year ended
December 31, 2008, filed with the Securities and Exchange Commission. Reserve
estimates are also subject to numerous uncertainties inherent in the estimation
of quantities of proved and probable reserves, the projection of future rates of
production and the timing of development expenditures. The accuracy of these
estimates is a function of the quality of available data and of engineering and
geological interpretation and judgment. Reserve estimates are imprecise and
should be expected to change as additional information becomes available.
Estimates of economically recoverable reserves and of future net cash flows
prepared by different engineers or by the same engineers at different times may
vary substantially. Results of subsequent drilling, testing and production may
cause either upward or downward revisions of previous estimates. In addition,
the estimates of future net revenues from proved reserves and the present value
of those reserves are based upon certain assumptions about production levels,
prices and costs, which may not be correct. Further, the volumes considered to
be commercially recoverable fluctuate with changes in prices and operating
costs. More information about potential factors that could affect the Company's
operating and financial results are included in Teton's Annual Report on Form
10-K for the year ended December 31, 2008. Teton's disclosure reports are on
file at the Securities and Exchange Commission and can be viewed on Teton's
website at www.teton-energy.com. Copies are available without charge upon
request from the Company.