San Antonio based Pioneer Energy Services is being warned it might be removed from listing on the New York Stock Exchange.
The warning came this week and gave Pioneer six months to regain compliance with a minimum share price requirement. The NYSE requires that the average closing price per share of a listed company’s stock be no less than $1 over a consecutive 30-trading-day period.
As of June 11, which was the date of the NYSE notice, the 30-trading-day average closing price of Pioneer Energy Services common stock was 89-cents a share.
Pioneer Energy has offices throughout Texas, Oklahoma, Kansas and Wyoming.
Pioneer Energy Services provides well servicing, wireline, and coiled tubing services to producers in the U.S. Gulf Coast, Mid-Continent and Rocky Mountain regions through its three production services business segments. Pioneer also provides contract land drilling services to oil and gas operators in Texas, the Mid-Continent and Appalachian regions and internationally in Colombia through its two drilling services business segments.