Cubic Energy Gets More Time From NYSE AMEX
January 13, 2010, 2010 (FinancialWire) — Cubic Energy, Inc. (NYSE AMEX: QBC) said on January 8, 2010, Cubic received notice from the NYSE AMEX LLC (the “Exchange) that the Exchange has granted the company a further extension of time, through March 31, 2010, to evidence full compliance with the Exchange’s continued listing standards.
As previously disclosed on June 29, 2009 and September 17, 2009, the Exchange previously notified Cubic that it believed the company was not in compliance with Section 1003(a) of the Exchange’s company Guide based upon Cubic’s working capital deficit. The company thereafter submitted its plan to strengthen its financial condition and evidence compliance with Section 1003(a) for the Exchange’s review. Based on the Exchange approved plan, Cubic was granted an extension by the Exchange, through December 28, 2009.
In granting the extension from December 28, 2009 to March 31, 2010, the Exchange indicated that the company has made a reasonable demonstration of its ability to regain compliance with Section 1003(a) by March 31, 2010. In that regard, and as previously disclosed within the last 60 days, the company entered into certain transactions, pursuant to which the company acquired $30,952,810 in pre-paid drilling credits applicable towards the development of its Haynesville Shale rights in Northwest Louisiana, and also entered into a Second Amendment to its Credit Agreement with Wells Fargo Energy Capital, which served to increase the company’s revolving credit line and borrowing base and extended to long-term status a term note already in place.
The company continues to execute the Exchange’s approved plan that advances the company towards full compliance, and continues to work in conjunction with the Exchange in this regard.
The company will continue to be subject to periodic reviews by the Exchange during the extension period. Failure 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 Exchange.
Cubic Energy, Inc. is an independent company engaged in the development and production of, and exploration for, crude oil and natural gas.
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