Eclipse Resources receives NYSE listing standard notice

The New York Stock Exchange has notified Eclipse Resources Corp. (NYSE: ECR) that the company has fallen below the NYSE's continued listing standard relating to the price of its common stock. The NYSE requires that the average closing price of a listed company's common stock be no less than $1 per share over a consecutive 30-trading-day period. As of Feb. 26, the date of the NYSE notice, the 30-trading-day average closing price of Eclipse Resources’ common stock was $0.93 per share.

Benjamin W. Hulburt, Eclipse Resources’ chairman, president, and CEO, commented, “We do not believe that Eclipse Resources’ current stock price, which is almost 80% insider held, is indicative of the value of our company. Eclipse Resources ended 2015 with liquidity of $281 million, which includes $184 million in cash, remaining well positioned to fund its operations.”

Under the NYSE's rules, Eclipse Resources has a period of six months from the date of the NYSE notice to bring its share price and 30-trading-day average share price back above $1. During this period, Eclipse Resources’ common stock will continue to be traded on the NYSE, subject to the company's compliance with other NYSE continued listing requirements. As required by the NYSE, in order to maintain its listing, Eclipse Resources will notify the NYSE that it intends to cure the price deficiency to the extent it becomes necessary.

Eclipse Resources is an independent exploration and production company engaged in the acquisition and development of oil and natural gas properties in the Appalachian Basin, including the Utica and Marcellus shale plays.

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