April 18, 2016 / 12:12 PM / 2 years ago

Pacific Exploration says TSX reviewing its listing eligibility

April 18 (Reuters) - Pacific Exploration and Production Corp said on Monday that the Toronto Stock Exchange was reviewing the company’s eligibility for continued listing of its common shares.

The company, hurt by a prolonged slump in crude prices, said last week its board had agreed to negotiate a financial restructuring involving private equity fund Catalyst Capital Group Inc.

Pacific Exploration skipped an interest payment last month, making it the first Toronto-listed oil and gas company in the last one year to delay a payment.

Shares of the company, which suffered a major setback in 2014 after failing to extend its contract to operate the Rubiales oilfield in Columbia, have fallen about 82 percent in the last 12 months. The shares closed at 68 Canadian cents on Friday.

The company has until May 18 to regain compliance with the exchange’s requirements for listing. (Reporting by Amrutha Gayathri in Bengaluru; Editing by Maju Samuel)

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