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Oil and Gas Discussion BB
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HK - Another Houston-based energy company is at risk of losing its spot on the New York Stock Exchange.Another Houston-based energy company is at risk of losing its spot on the New York Stock Exchange. Halcón Resources Corp. (NYSE: HK) announced that it received a warning from the NYSE on Aug. 25 for not meeting the required average closing price. The exchange requires that stocks be valued at $1 per share over a consecutive 30-day trading period. On July 20, the company's stock first dropped below the required value, closing at 99 cents. The price jumped back up above the $1 limit from July 28 through Aug. 4, but consistently remained below the limit until Aug. 27, when it closed at $1.06. The company has six months to increase its average closing share price. During this period, Halcon's common stock will continue to be traded on the NYSE. The company is also underway on negotiations to improve its balance sheet and expects to close on $1.57 billion in debt exchanges within 10 business days. Halcón is entrepreneur Floyd Wilson's latest venture. The shale pioneer is known for building up companies, owning them for several years and then selling them to larger companies for billions, like he did with Petrohawk Energy Corp., which sold to BHP for $12.1 billion in 2011. Halcón is the Houston-area's 87th largest company based on its 2014 revenue, according to HBJ research. This month, two other Houston energy companies, Swift Energy Co. (NYSE: SFY) and Willbros Group Inc. (NYSE: WG) disclosed that they had also received warnings of potential delisting from the NYSE. Meanwhile, Hercules Offshore Inc. (Nasdaq: HERO) has been delisted from the Nasdaq exchange. |
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