The New York Stock Exchange has warned the Chesapeake Granite Wash Trust its trading is “below criteria” and subject to removal from the listing.
The Trust owns royalty interests in oil, natural gas liquids and natural gas properties in Washita County, Oklahoma that were conveyed to the Trust by Chesapeake Energy Corporation.
Being “below criteria” means the stock has traded for less than $1 over a consecutive 30-trading-day average closing price. The Exchange notified the Trust of the deficiency notice on Aug. 28, 2019 and the Trust acknowledged receipt on Sept. 4, 2019.
The deficiency notice means the Trust is now subject to being delisted if improvements are not made in the trading value. Over the next six months, the Trust’s common units will continue to be traded on the New York Stock Exchange subject to compliance with other continued listing requirements.
The Trust was created from the production of nearly 200 horizontal wells drilled by Chesapeake Energy Corporation and the affairs are managed by the Bank of New York Mellon Trust Company, N.A.