SAMSON OIL & GAS ADVISORY
Denver 1700 hours September 14th, 2017, Perth 0700 hours September 15th 2017
Samson was advised today that staff of NYSE American has determined to commence
proceedings to delist Company’s American Depositary Shares (“ADS”) from the Exchange on
account of Samson’s failure to meet the stockholders’ equity requirement of $6,000,000 prior to
September 14th 2017.
Samson intends to request a hearing before an NYSE Listing Qualifications Panel to review of the
Staff’s decision within the 7 day window allowed by the NYSE Listing Rules. As a result, trading of
Samson’s ADSs is expected to continue until a hearing is held and before a Listing Qualifications
Panel issues its decision.
Samson is seeking review of the NYSE Staff’s determination because it believes that it will
reestablish compliance with the $6 million shareholder equity requirement in the near term.
As previously advised, Samson is pursuing two initiatives to increase its shareholder equity, either
of which would, standing alone, satisfy the listing standard. One initiative involves the issuance of
new equity in connection with the refinancing of our existing debt facility. The second measure
would allow Samson to recognize some of the value of its proved oil and gas properties on its
financial statements by selling a portion of those properties for cash. While Samson is confident in
the ultimate success of both endeavors, there is no assurance that they will be successfully
completed or that such success will be achieved in time to satisfy the NYSE listing requirements.
SSN Price at posting:
0.3¢ Sentiment: None Disclosure: Held
