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News Breaks | | | | March 4, 2013 | | 08:13 EDT |  | GMXR | GMX Resources receives Nasdaq notice of noncompliance
The company announces that has been notified by the New York Stock Exchange that it is not in compliance with one of the continued listing standards of the NYSE. The company is considered below criteria established by the NYSE because the Company's total market capitalization has been less than $50M over a consecutive 30 trading day period and its last reported shareholders' equity was less than $50M. The company also provided an update on its Bakken operations: The Lange 44-31-2H, located in Sections 30 & 31, Township 147N Range 99W in McKenzie County, North Dakota is currently producing with a peak 24 hour flow rate of 2,402 BOEPD. The company has an 89% working interest and this well targeted the Middle Bakken with a total depth of 20,255' and a lateral length of 8,630'. The well was drilled parallel to the Lange 11-30-1H. On March 4, GMX Resources failed to pay an interest payment due on its Senior Secured Second-Priority Notes due 2018. The company had the option to pay this interest payment in cash, in shares of common stock of the company or in a combination of cash and shares of common stock. If we paid this interest payment entirely in cash, the aggregate amount of cash would be approximately $2.1M. If we paid this interest payment entirely in shares of common stock, the aggregate fair market value of the shares would be approximately $2.8M. Under the terms of the 2018 Notes Indenture, the failure to pay the interest payment does not constitute an Event of Default unless the failure is ongoing for 30 days. | |
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