Attached files
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8-K - FORM 8-K - NGAS Resources Inc | l40792e8vk.htm |
Exhibit 99.1
NGAS RESOURCES, INC.
120 Prosperous Place, Suite 201, Lexington, KY 40509
NEWS
RELEASE
RELEASE
FOR IMMEDIATE RELEASE
Contact:
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Michael P. Windisch, CFO | |
Phone:
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(859) 263-3948 | |
Fax:
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(859) 263-4228 | |
E-mail:
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ngas@ngas.com |
NGAS RESOURCES RECEIVES NASDAQ NOTICE OF
BID PRICE DEFICIENCY
BID PRICE DEFICIENCY
LEXINGTON, KENTUCKY, September 30, 2010. NGAS Resources, Inc. (Nasdaq: NGAS) today announced
that it received a deficiency letter from the Nasdaq staff on September 27, 2010,
confirming that the company is not in compliance with the minimum bid price requirement under
Nasdaq Listing Rule 5459(a)(1). The deficiency letter is based on closing bid prices below $1.00
for the companys common stock during the 30 trading days through September 24, 2010.
The bid price deficiency has no effect on the listing or trading of NGAS common stock on the
Nasdaq Global Select Market at this time.
Under Nasdaq Listing Rule 5810(c), NGAS has an initial grace period of 180 days to regain
compliance with the minimum bid price standard. During that period, the closing bid price for its
common stock must remain at or above $1.00 per share for ten consecutive trading days to regain
compliance. The initial grace period expires on March 28, 2011. In the event that the bid price
deficiency is not cured by that time, an additional 180-day period will be available to regain
compliance if the company transfers its listing to the Nasdaq Capital Market and meets all other
listing requirements.
About NGAS Resources
NGAS Resources is an independent exploration and production company focused on unconventional
natural gas plays in the eastern United States, principally in the southern Appalachian Basin.
Core assets include over 360,000 acres with interests in approximately 1,400 wells and an extensive
inventory of horizontal drilling locations. NGAS also operates the gas gathering facilities for
its core Appalachian properties, providing deliverability directly from the wellhead to the
interstate pipeline.
Safe Harbor Statement
This press release contains forward-looking statements, which are based on managements
expectations and are subject to risks and uncertainties that may cause actual results, outcomes,
timing and performance to differ materially from those expressed or implied by those statements.
These risks and uncertainties are discussed in the companys annual report on Form 10-K for the
year ended December 31, 2009, as filed with the Securities and Exchange Commission.