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Penn West's NYSE listing safe again

The company received notification from the NYSE that it has regained compliance with the exchange’s continued listing standard

Saskatchewan in Canada is heavily reliant on the energy industry
The company raised almost C$1bn through the sale of its Saskatchewan assets

Last month’s sale of its prize assets has done the trick for Penn West Petroleum (TSE:PWT, NYSE:PWE) in terms of retaining its NYSE listing.

The company said it had received notification from the New York Stock Exchange (NYSE) that it has regained compliance with the exchange’s continued listing standard regarding the price of its common stock.

The NYSE requires a minimum average closing price of UD$1.00 over a consecutive 30-day trading period, and having seen its share price shoot up after offloading all of its Saskatchewan assets for C$975mln, the conventional oil and natural gas producer’s shares have traded between US$1.26 and US$1.49 since 13 June.

The Saskatchewan assets were sold to Teine Energy Ltd.

The company also disposed of some assets in Alberta for around C$140mln.

The asset disposal relieved the strain on the balance sheet and the company said it expected to be comfortably in compliance with all of its financial covenants for the rest of the year.

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