As the oil and gas downturn spreads, more companies are finding it difficult to remain on the New York Stock Exchange.
One of the latest to get a delisting warning from the exchange is Dallas-based New Concept Energy, Inc., a firm that owns oil and gas wells and mineral leases in Ohio and West Virginia.
New Concept owns oil and gas wells and mineral leases in Ohio and in West Virginia but reported losses from continuing operations in three of its four most recent fiscal years.
The company has to submit a plan by Jan. 16, 2020 advising the Exchange of the actions it will take to regain compliance with requirements.
“The company is in the process of preparing the plan for timely submission by January 16, 2020 to become in full compliance with all continued listing standards of the NYSE American Exchange,” according to a company statement.