Sep. 18, 2009 (PR Newswire) --
DENVER, Sept. 18 /PRNewswire-FirstCall/ -- Gasco Energy, Inc. (NYSE Amex: GSX) ("the Company") today announced that it received notice from the NYSE Amex LLC ("NYSE Amex") staff that its plan to regain compliance with certain NYSE Amex listing requirements was accepted. The Company continues to be below certain of the NYSE Amex's continued listing requirements, but the Company was granted an extension until December 27, 2010 to regain compliance with the continued listing standards.
On June 25, 2009 the Company received a notice from the NYSE Amex, dated June 25, 2009, informing the Company that it does not meet certain of the continued listing standards of the NYSE Amex. Specifically, the notice stated that the Company is not in compliance with Section 1003(a)(i) of the NYSE Amex Company Guide, with stockholders' equity of less than $2,000,000 and net losses in two of its three most recent fiscal years; and Section 1003(a)(ii) of the NYSE Amex Company Guide, with stockholders' equity of less than $4,000,000 and net losses in three of its four most recent fiscal years.
In order to maintain its listing, the Company was afforded the opportunity to submit a plan of compliance to the NYSE Amex. On July 27, 2009, the Company submitted its plan that addresses how the Company intends to regain compliance with Sections 1003(a)(i) and 1003(a)(ii) of the NYSE Amex Company Guide by December 27, 2010. On September 15, 2009, the NYSE Amex notified the Company that it accepted the Company's plan of compliance and granted the Company an extension until December 27, 2010 to regain compliance with the continued listing standards. The Company will be subject to periodic review by NYSE Amex Staff during the extension period. Failure by the Company to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the NYSE Amex.
About Gasco Energy
Denver-based Gasco Energy, Inc. is natural gas and petroleum exploitation, development and production company engaged in locating and developing hydrocarbon resources, primarily in the Rocky Mountain region. Gasco's principal business is the acquisition of leasehold interests in petroleum and natural gas rights, either directly or indirectly, and the exploitation and development of properties subject to these leases. Gasco currently focuses its drilling efforts in the Riverbend Project located in the Uinta Basin of northeastern Utah, targeting the Wasatch, Mesaverde, Blackhawk, Mancos, Dakota and Morrison formations.
