DENVER, March 27, 2017 /PRNewswire/ -- Triangle
Petroleum Corporation ("Triangle" or the "Company") announced today that the Company received a notice from the NYSE MKT LLC
(the "NYSE MKT") that the NYSE MKT has determined to commence proceedings to delist the common stock of the Company -- ticker
symbol TPLM -- from the NYSE MKT. Trading in the Company's common stock was suspended at the market opening on March 27, 2017.
The NYSE MKT has indicated that it will begin delisting proceedings pursuant to Section 1002(c) of the NYSE MKT Company Guide
following the Company's disclosure on March 24, 2017 of the effectiveness of the Chapter 11 plan of reorganization for Triangle
USA Petroleum Corporation, the Company's former wholly-owned subsidiary.
The Company has a right to a review of the NYSE MKT's delisting determination; however, the Company does not intend to appeal
the determination. Therefore, it is expected that the NYSE MKT will apply to the Securities and Exchange Commission to delist the
Company's common stock upon completion of all applicable procedures and that the common stock will be delisted from the NYSE MKT
upon the completion of such procedures.
As a result of the delisting notice, the Company's common stock is expected to begin trading on the OTC Pink marketplace. The
Company can provide no assurance that its common stock will continue to trade on this marketplace, whether broker-dealers will
continue to agree to provide public quotes of the Company's common stock on this marketplace, or whether the trading volume of
the Company's common stock will be sufficient to provide for an efficient trading market.
About Triangle
Triangle is an independent energy company with a strategic focus in the Williston Basin. For more information, visit
Triangle's website at www.trianglepetroleum.com .
Forward-Looking Statements Disclosure
The information presented in this press release may contain "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press
release that address activities, events or developments that Triangle expects, believes or anticipates will or may occur in the
future are forward-looking statements. These forward-looking statements are not guarantees of future performance and are
subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the
forward-looking statements. Factors that could cause actual results to differ materially from the results contemplated by the
forward-looking statements include, but are not limited to, the consequences of the delisting of the Company's common stock from
the NYSE MKT and other risks discussed in Triangle's Annual Report on Form 10-K and its other filings with the Securities and
Exchange Commission. The forward-looking statements in this press release are made as of the date of this press release, and
Triangle undertakes no obligation to update any forward-looking statement as a result of new information, future developments, or
otherwise.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/triangle-petroleum-corporation-receives-delisting-notice-from-nyse-mkt-300430088.html
SOURCE Triangle Petroleum Corporation