Midstates Petroleum Company, Inc. (MPO) (the “Company”) announced today the closing of the previously announced sale of ownership interest in developed and undeveloped acreage in the Dequincy area located in Beauregard and Calcasieu Parishes, Louisiana for $44 million to Pintail Oil and Gas LLC. The net proceeds were approximately $42 million, which was net of customary closing adjustments. The proceeds from the sale will be used to pay down a portion of the outstanding borrowings under the Company’s revolving credit facility and for general corporate purposes.
The NASDAQ Listing Rules require listed securities to maintain a closing bid price of at least $1 per share and, based on the closing bid price for the last 30 consecutive business days, the Company did not meet this requirement. CounterPath has been provided with a 180 calendar day period, or until June 15, 2015, to regain compliance with this requirement. You addition in incorrect