Troubled independent petroleum producer Energy Partners Ltd. says the New York Stock Exchange intends to stop the trading of its common shares on Monday. EPL, which recently saw the departure of its founder and CEO and the appointment of a restructuring officer hired from outside the company, said it would apply to have its stock traded on the OTC Bulletin Board. The NYSE informed the company that it had failed to meet a standard requiring an average global market capitalization of at least $15 million over a consecutive 30-day trading period, EPL said.
Since the fall of energy prices last year, EPL has seen its share price crash. From a 52-week high of $16.50, shares were down 10 cents at 27 cents in trading today. The shares have traded over the past year as low as 22 cents. Today’s price gave the company a market capitalization of only $8.9 million.
Last week, EPL warned that its accountant, KPMG, in an upcoming financial statement would indicate “substantial doubt about the company’s ability to continue as a going concern.”
