More challenges for Oklahoma City’s SandRidge Energy. Its SandRidge Permian Trust headquartered in Houston has been notified by the New York Stock Exchange that its stock could be delisted.
The Trust has fallen below the Exchange’s continued listing requirement that the average closing price of the Trust’s units of beneficial interest be at least $10 a share over a period of 30 consecutive trading days.
The Trust received the deficiency notice from the NYSE on December 27, 2019, and on January 3, 2020, the Trust acknowledged receipt of the notice.
Under the NYSE standards, the Trust can avoid delisting if, during the six-month period following receipt of the NYSE notice, on the last trading-day of any calendar month, the Trust’s units of beneficial interest have a closing price per unit and a 30 trading-day average closing unit price of at least $1.00.
The Trust has no control at all over the trading price of the units, and does not intend to attempt to cause a reverse split of the units or other action in an effort to affect the trading price of the units.
During this period, the Trust’s units will continue to be traded on the NYSE, subject to compliance with other continued listing requirements.
The Trust’s properties consist of Royalty Interests in the initial wells and over 860 additional wells that are drilled and perforated for completion. The Royalty Interests are in properties located in the greater Fuhrman-Mascho field, a field in Andrews County, Texas that produces oil primarily from the Grayburg/San Andres formation in the Permian Basin.