CALGARY, April 1, 2020 /PRNewswire/ - OBSIDIAN ENERGY LTD.
(TSX – OBE) ("Obsidian Energy", the "Company",
"we", "us" or "our") received notification
from the New York Stock Exchange (the "NYSE") that the
Company has not regained compliance with the NYSE's continued
listing standard regarding share price pursuant to Rule 802.01C of
the NYSE's Listed Company Manual. As a result, OBE.BC shares have
been suspended from trading on the NYSE effective immediately. To
facilitate trading for our United
States based shareholders, Obsidian Energy's common shares
will begin trading on the OTCQB under the symbol OBELF on
April 2, 2020 and will remain trading
on the Toronto Stock Exchange under the symbol OBE.
The significant change in the macro economic environment has
contributed to a reduction in the Company's share price. If our
share price improves to average over US$0.25 per share
for 30 consecutive days, we will move to the OTCQX market. The move
in listing from the NYSE to the OTCQB is expected to result in
on-going cost savings of approximately $1 million per
year at this time. The transition to the OTC markets will not
affect the Company's business operations or our current Securities
and Exchange Commission reporting obligations and does not conflict
with or cause an event of default under any of the Company's
material debt or other agreements.
Forward-Looking Statements
Certain statements
contained in this document constitute forward-looking statements or
information (collectively "forward-looking statements") within the
meaning of the "safe harbor" provisions of applicable securities
legislation. Forward-looking statements are typically identified by
words such as "anticipate", "continue", "estimate", "expect",
"forecast", "budget", "may", "will", "project", "could", "plan",
"intend", "should", "believe", "outlook", "objective", "aim",
"potential", "target", "pursue" and similar words suggesting future
events or future performance. In particular, this document contains
forward-looking statements pertaining to, without limitation, that
the Common Shares will commence trading on the OTCQB on
April 2, 2020 and will remain trading
on the Toronto Stock Exchange under the symbol OBE; that if our
share price improves to average over US$0.25 per share
for 30 consecutive days, we will move to the OTCQX market; the
expected costs saving to the Company by moving to the OTCQB; and
that the OTC markets will not affect the Company's business
operations or our current Securities and Exchange Commission
reporting obligations and does not conflict with or cause an event
of default under any of the Company's material debt or other
agreements.
Although we believe that the expectations reflected in the
forward-looking statements contained in this document, and the
assumptions on which such forward-looking statements are made, are
reasonable, there can be no assurance that such expectations and
assumptions will prove to be correct. Readers are cautioned not to
place undue reliance on forward-looking statements included in this
document, as there can be no assurance that the plans, intentions
or expectations upon which the forward-looking statements are based
will occur. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties
that contribute to the possibility that the predictions, forecasts,
projections and other forward-looking statements will not occur,
which may cause our actual performance and financial results in
future periods to differ materially from any estimates or
projections of future performance or results expressed or implied
by such forward-looking statements. Important factors that could
cause actual results and events to differ from those described in
the forward‑looking statements can be found in our public filings
(including our Annual Information Form) available in Canada at www.sedar.com and in
the United States at www.sec.gov.
Readers are cautioned that this list of risk factors should not be
construed as exhaustive.
The forward-looking statements contained in this document speak
only as of the date of this document. Except as expressly required
by applicable securities laws, we do not undertake any obligation
to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
The forward-looking statements contained in this document are
expressly qualified by this cautionary statement.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/obsidian-energy-announces-delisting-from-the-nyse-with-united-states-trading-to-commence-on-the-otcqb-under-the-ticker-symbol-obelf-301033762.html
SOURCE Obsidian Energy Ltd.
