CALGARY, ALBERTA--(Marketwired - Apr 22, 2013) - GeoGlobal Resources Inc. (the "Company") (NYSE MKT:GGR) received notice from the NYSE MKT LLC (the "Exchange") on April 17, 2013, the Exchange notified the Company that it intends to strike the common stock of the Company from Exchange by filing a delisting application with the Securities and Exchange Commission (the "SEC") pursuant to Section 1009(d) of the NYSE MKT Company Guide ("Company Guide").
As previously released the Company received a letter from the Exchange on November 30, 2012, indicating that the Company was not in compliance with two of the continued listing standards as set forth in Section 1003(a)(iv) and Section 1003(f)(v) of the Company Guide.
The Company was afforded the opportunity to submit a Plan of compliance (the "Plan") to the Exchange and on December 31, 2012 presented its Plan to the Exchange.
On February 15, 2013, the Exchange notified the Company that it accepted the Company's Plan of compliance and granted the Company an extension until May 31, 2013 (the "Plan Period") to regain compliance with the continued listing standards. However, the Company will be subject to periodic review by Exchange Staff during the Plan Period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the Plan Period could result in the Company being delisted from the NYSE MKT LLC.
The April 17, 2013 notice to file the delisting application is based on careful review by the Exchange of publicly available information and information provided by the Company. The Exchange has determined that the Company has not made progress consistent with the Plan and failed to present a reasonable basis to conclude that the Company can regain compliance with the Exchange's continued listing standards by the end of the Plan Period.
In accordance with Sections 1203 and 1009(d) of the Company Guide, the Company has a limited right to appeal the Exchange's determination, until April 24, 2013, by requesting an oral hearing or a hearing based on a written submission before a Listing Qualifications Panel (a "Panel") and the Panel may only authorize the continued listing of the Company's securities as permitted by Section 1009 and 1204(c) of the Company Guide. If the Company elects not to appeal the Exchange's determination by April 24, 2013, it will become final and Exchange will then suspend trading in the Company's securities and file an application with the SEC to strike Company's common stock from listing and registration on the Exchange in accordance with Section 12 of the Securities Exchange Act of 1934 and rules promulgated thereunder.
As previously announced, the Company has not filed with the US and Canadian Regulatory authorities its audited consolidated financial statements for the year ended December 31, 2012, that was due to be filed on April 16, 2013. The timely filing of such report is a condition for the Company's continued listing on the Exchange, as required by Sections 134 and 1101 of the Company Guide.
The Company is currently reviewing its right to appeal and the current options available with respect to maintaining the listing. Management continues to work on the transactions contained in the Plan as approved by the Exchange so that an appeal may be launched and compliance regained as per the Exchanges requirements.
GeoGlobal Resources Inc., headquartered in Calgary, Alberta, Canada, is a US publicly traded oil and gas company, which, through its subsidiaries, is engaged in the pursuit of petroleum and natural gas in high potential exploration targets through exploration and development in India, Israel and Colombia.
Cautionary Statement For Purposes Of The "Safe Harbor" Provisions Of The Private Securities Litigation Reform Act Of 1995.
This press release contains statements which constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995, including statements regarding the plans, intentions, beliefs and current expectations of GeoGlobal Resources Inc., its directors, or its officers with respect to the oil and gas exploration, development and drilling activities being conducted and intended to be conducted and the outcome of those activities on the exploration blocks in which the Company has an interest. The Company updates forward-looking information related to operations, production and capital spending on a quarterly basis and updates reserves, if any, on an annual basis.
We caution you that various risk factors accompany our forward-looking statements and are described, among other places, under the caption "Risk Factors" in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. These risk factors could cause our operating results, financial condition and ability to fulfill our plans to differ materially from those expressed in any forward-looking statements made in this press release and could adversely affect our financial condition and our ability to pursue our business strategy and plans. If our plans fail to materialize, your investment will be in jeopardy.
An investment in shares of our common stock involves a high degree of risk. Our periodic reports, which we file with the Securities and Exchange Commission and Canadian provincial authorities may be viewed at http://www.sec.gov and www.sedar.com.