Atlas Resource Partners, L.P. Anticipates Common and Preferred Units to Begin Trading on the OTCQX Market
July 12 2016 - 7:23PM
Atlas Resource Partners, L.P. (NYSE:ARP)
(“ARP” or the “Company”) today announced that it
received notification from the New York Stock Exchange (“NYSE”)
that the NYSE has commenced proceedings to delist the Company’s
common units as a result of the Company’s failure to comply with
the continued listed standards set forth in Section 802.01C of the
NYSE Listed Company Manual, which requires that the common units
must achieve a closing price of $1.00 per unit on both the last
trading day of any calendar month within the prior six months and
at least $1.00 average unit price over the 30 trading days
preceding the end of that month. The NYSE suspended trading
in the Company’s common units, as well as in its two preferred unit
issues listed on the NYSE, effective immediately.
The NYSE has informed the Company that it will
apply to the Securities and Exchange Commission to delist the
common units and preferred units upon completion of all applicable
procedures, including any appeal by the Company of the NYSE's
decision. The Company does not intend to appeal the delisting
determination. The Company anticipates that its common units,
Class D preferred units and Class E preferred units will begin
trading on the OTCQX Best Market on Wednesday, July 13, 2016.
The Company expects its OTCQX common unit ticker symbol to be
“ARPJ,” its Class D preferred unit ticker symbol to be “ARPJP” and
its Class E preferred unit ticker symbol to be “ARPJN.” The Company
will remain subject to the public reporting requirements of the
Securities and Exchange Commission following the transfers to the
OTCQX.
Atlas Resource Partners, L.P.
(ARP) is an exploration & production master limited partnership
which owns an interest in over 14,500 natural gas and oil wells,
located primarily in Appalachia, the Barnett Shale (TX), the
Mississippi Lime (OK), the Eagle Ford Shale (TX), the Raton Basin
(NM), Black Warrior Basin (AL) and the Rangely Field (CO). ARP is
also the largest sponsor of natural gas and oil investment
partnerships in the U.S. For more information, please visit our
website at www.atlasresourcepartners.com, or contact Investor
Relations at InvestorRelations@atlasenergy.com.
Cautionary Note Regarding
Forward-Looking StatementsCertain matters
discussed within this press release are forward-looking statements.
Although the Company believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it
can give no assurance that its expectations will be attained. Such
forward-looking statements include, but are not limited to,
statements about what market the Company’s securities will trade on
in the future and whether or not such securities will continue to
trade on that market and what actions the Company may take in
response to the NYSE's decision. The Company's plans, objectives,
expectations and intentions and other statements that are not
historical facts. Risks, assumptions and uncertainties that could
cause actual results to materially differ from the forward-looking
statements include, but are not limited to, those associated with
general economic and business conditions; the impact of delisting
from the NYSE, including on market capitalization and trading
prices; ARP’s level of indebtedness, potential changes to ARP’s
capital structure, including refinancing, restructuring, or
reorganizing its indebtedness; leverage and liquidity, including
reductions in its borrowing base that may require repayment, and
covenant compliance; changes in government environmental policies
and other environmental risks; the availability of drilling
equipment and the timing of production; tax consequences of
potential balance sheet and other transactions; and other risks,
assumptions and uncertainties detailed from time to time in ARP’s
reports filed with the U.S. Securities and Exchange Commission,
including quarterly reports on Form 10-Q, current reports on Form
8-K, and annual reports on Form 10-K. Forward-looking statements
speak only as of the date hereof, and ARP assumes no obligation to
update such statements, except as may be required by applicable
law.
Contact:
Investor Relations
(877) 280-2857
(215) 405-2718 (fax)