DENVER, April 2, 2008 /PRNewswire-FirstCall/ -- PRB Energy, Inc.('PRB' or the 'Company') (Amex: PRB) today announced that the Company receivednotice from the American Stock Exchange (the 'Amex') indicating that PRB nolonger complies with the Amex's continued listing standards, and accordingly,the Amex intends to immediately file a delisting application with theSecurities and Exchange Commission to strike PRB's common stock from the Amex.PRB filed for Chapter 11 protection on March 6, 2008.
The notice stated that PRB is not in compliance with Section 1003(a)(iv)of the Amex Company Guide in that PRB has sustained losses which are sosubstantial in relation to its overall operations or its existing financialresources, or its financial condition has become so impaired that it appearsquestionable, in the opinion of the Amex, as to whether PRB will be able tocontinue operation and/or meet its obligation as they mature. In addition,the notice stated that PRB is subject to delisting under Section 1002(b) ofthe Amex Company Guide because, in the opinion of the Amex, the extent ofpublic distribution or the aggregate market value of PRB's stock has become soreduced as to make further dealings on the Amex inadvisable.
Upon PRB's delisting of common stock from the Amex, PRB believes itssecurities are eligible to trade on the Over-the-Counter Bulletin Board. Thereis no assurance that such trading will occur.
ABOUT PRB ENERGY, INC.
Since commencing operations in January 2004, PRB Energy has evolved intoan exploitation and development company with activities in the Rocky MountainStates. The Company is vertically integrated, combining upstream exploitationand production as well as midstream gathering and processing for, primarily,its own production. This model is intended to increase PRB Energy's access toand acquisition of high-potential development properties at attractive pricesdelivers cost savings.
FORWARD LOOKING STATEMENTS
This press release may include certain forward-looking statementsincluding, without limitation, statements regarding the Company's belief thatits common stock will be eligible to trade on the Over-the-Counter BulletinBoard. Such forward-looking statements are subject to a variety of known andunknown risks, uncertainties and other factors that are difficult to predictand many of which are beyond management's control such as commodity prices,weather, governmental regulation and operational hazards. An extensive listof factors that can affect future results are discussed in the Company'sAnnual Report on Form 10-K filed with the Securities and Exchange Commission.The Company undertakes no obligation to update or revise any forward-lookingstatements to reflect new information or events.
SOURCE PRB Energy, Inc.
