Obsidian Energy Ltd. (TSX/NYSE - OBE), formerly Penn West Petroleum Ltd., received notification on September 14, 2017 from the New York Stock Exchange (NYSE) that Obsidian Energy is no longer in compliance with one of the NYSE's continued listing standards applicable to Obsidian Energy because the average closing price of Obsidian Energy's common stock was less than US$1.00 per share over a consecutive 30 trading day period. As of September 12, 2017, the average closing price of Obsidian Energy's common stock over the preceding consecutive 30 trading day period was US$0.99 per share.
Management of Obsidian Energy plans to monitor the stock price and evaluate all available options in order to regain compliance with the NYSE's price listing standard within the applicable cure period.
Obsidian Energy intends to notify the NYSE within 10 business days from the date of the NYSE notification that it intends to cure this price deficiency and return to compliance with the NYSE's price listing standard prior to the expiration of the applicable cure period or by the next annual general meeting.
Obsidian Energy is an intermediate-sized oil and gas producer with a portfolio of assets producing roughly 30,000 boe per day. On June 26th, 2017, the company formally changed its name to Obsidian Energy Ltd. from Penn West Petroleum Ltd.