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Obsidian Energy gets noncompliance notice from New York Stock Exchange

Calgary-based Obsidian Energy Ltd. on Oct. 1 received a notification from the New York Stock Exchange that the company is no longer in compliance with listing standards because the average closing price of its common shares over a 30-trading-day period was below the exchange's minimum price.

The average closing price of Obsidian Energy's common shares was 99 cents per share over the period, according to an Obsidian Energy news release. The stock exchange's minimum price listing standard is $1.00 per share. The company said it can avoid suspension and delisting if its common shares get a closing price on the last trading day of any month within six months of the notification and a concurrent 30-trading-day average closing price of at least $1.00 per share.

Obsidian Energy said the issue does not affect its business operations, its reporting requirements to the U.S. SEC, nor its listing on the Toronto Stock Exchange.

On Sept. 10, Obsidian Energy's board of directors announced it initiated a formal process to explore strategic alternatives to maximize shareholder value. Possible options include a sale or merger, asset dispositions and refinancing capital structure, among other things.

Obsidian Energy, formerly known as Penn West Petroleum Ltd., explores for and develops oil and natural gas in western Canada.