Kelley Oil & Gas Corporation Makes Announcement.HOUSTON, Texas--(BUSINESS WIRE)--July 6, 1999-- KELLEY OIL & GAS CORPORATION (the "Company") announced today that its common stock (Nasdaq:KOGC KOGC Kimberley Oaks Golf Course (St. Charles, Michigan) ) and preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. (Nasdaq:KOGCP) will continue to be listed on The Nasdaq SmallCap Market pursuant to an exception from the $1.00 per share minimum bid price requirement. Although the Company's common stock currently fails to meet this requirement, Nasdaq granted the Company a temporary exception from this requirement subject to the Company meeting certain conditions. The exception will expire on August 2, 1999. If Nasdaq deems that the Company has met the terms of the exception, the Company's common and preferred stock will continue to be listed on The Nasdaq SmallCap Market. As previously announced, the Company expects to effect a 1-for-10 reverse stock split after the close of market on July 30, 1999. The Company therefore expects that it can meet Nasdaq's conditions to continued listing, however, there can be no assurance that it will do so. If at some future date the Company's securities should cease to meet the listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. , they may continue to be listed in the OTC-Bulletin Board. For the duration of the exception, the Company's Nasdaq symbols will be KOGCC for its common stock and KOGPC for its preferred stock. The Company intends to change its name to Contour Energy Co. after the close of market on July 30, 1999 and change its Nasdaq symbols to CONC for its common stock and CONCP for its preferred stock. The Company also announced today that on June 30, 1999, it repurchased $35 million stated principal amount of its 14% Senior Secured Notes due 2003 maturing at 105% of the stated principal amount. This repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. was made pursuant to a previously announced offer that was required pursuant to the indenture An agreement declaring the benefits and obligations of two or more parties, often applicable in the context of Bankruptcy and bond trading. The term indenture primarily describes secured contracts and has several applications in U.S. law. under which those notes were issued. The Company is engaged in the development, exploration, acquisition and production of oil and natural gas. Natural gas represents about 85% of the Company's equivalent production and proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. . Kelley Oil & Gas Corporation common stock and preferred stock are traded on the NASDAQ Small Cap Market under the symbols KOGC and KOGCP. Cautionary Statement as to Forward-Looking Information Statements made herein (as well as information included in oral or other written statements made or to be made by the Company or its representatives) that are forward-looking in nature are intended to be "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc matters such as anticipated operating and financial performance, business prospects, future reserves, cash flow and value, developments and results of the Company. Actual performance, prospects, reserves, cash flow and value, developments and results may differ materially from any or all anticipated results due to economic conditions and other risks, uncertainties and circumstances partly or totally outside the control of the Company, including rates of inflation, natural gas prices, uncertainty of reserve estimates, rates and timing of future production of oil and gas, exploratory and development activities, acquisition risks, changes in the level and timing of future costs and expenses related to drilling and operating activities and those risk factors described on pages 13, 14 and 15 of the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 1998. Words such as "anticipated," "expect," "estimate," "project" and similar expressions are intended to identify forward-looking statements. Forward-looking statements include the risk factors described in the Company's Form 10-K mentioned above. Company Contact: Investor Relations Investor relations The process by which the corporation communicates with its investors. |
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