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Pacific Exploration says TSX reviewing its listing eligibility

Published 2016-04-18, 08:09 a/m
© Reuters. Pacific Exploration says TSX reviewing its listing eligibility
FEC
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April 18 (Reuters) - Pacific Exploration and Production Corp
PRE.TO said on Monday that the Toronto Stock Exchange was
reviewing the company's eligibility for continued listing of its
common shares.
The company, hurt by a prolonged slump in crude prices, said
last week its board had agreed to negotiate a financial
restructuring involving private equity fund Catalyst Capital
Group Inc.
Pacific Exploration skipped an interest payment last month,
making it the first Toronto-listed oil and gas company in the
last one year to delay a payment.
Shares of the company, which suffered a major setback in
2014 after failing to extend its contract to operate the
Rubiales oilfield in Columbia, have fallen about 82 percent in
the last 12 months. The shares closed at 68 Canadian cents on
Friday.
The company has until May 18 to regain compliance with the
exchange's requirements for listing.

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