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Last $0.20 USD
Change Today 0.0001 / 0.05%
Volume 169.6K
ESCR On Other Exchanges
As of 8:10 PM 10/2/15 All times are local (Market data is delayed by at least 15 minutes).

escalera resources co (ESCR) Snapshot

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10/6/14 - $1.89
52 Week Low
08/28/15 - $0.03
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escalera resources co (ESCR) Details

Escalera Resources Co., an independent energy company, explores, develops, produces, and sells natural gas and crude oil primarily in the Rocky Mountain basins of the Western United States. It holds interests in the Atlantic Rim coalbed natural gas project located in south central Wyoming; and the Pinedale Anticline property located in the Green River Basin of Wyoming, as well as holds acreage with exploration potential in the Greater Green River Basin of Wyoming and the Huntington Basin of Nevada. The company also operates 91 producing wells in Wyoming and 1 well in Oklahoma; and gathers and transports third-party gas through its intrastate gas pipeline. As of December 31, 2014, it had estimated proved reserves of 85.8 billion cubic feet of natural gas and 247 thousand barrels of oil; owned interests in approximately 1,200 producing wells; and had an acreage position of 112,219 net acres in natural gas prone basins primarily located in the Rocky Mountains. The company was formerly known as Double Eagle Petroleum Co. and changed its name to Escalera Resources Co. in March 2014. Escalera Resources Co. was founded in 1972 and is headquartered in Denver, Colorado.

27 Employees
Last Reported Date: 04/15/15
Founded in 1972

escalera resources co (ESCR) Top Compensated Officers

Chairman of the Board, Chief Executive Office...
Total Annual Compensation: $262.5K
Chief Financial Officer and Principal Account...
Total Annual Compensation: $236.0K
Vice President of Mergers & Acquisitions
Total Annual Compensation: $40.0K
Compensation as of Fiscal Year 2014.

escalera resources co (ESCR) Key Developments

Escalera Resources Receives Non-Compliance Notice From NASDAQ

On August 20, 2015, Escalera Resources Co. (the “Company”) received a staff deficiency letter from The Nasdaq Stock Market (“Nasdaq”) notifying the Company that it is no longer in compliance with the minimum stockholders’ equity requirement for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2.5 million. In the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2015, the Company reported a stockholders’ deficit of ($7,970,000), which is below the minimum stockholders’ equity required for continued listing pursuant to Nasdaq Listing Rule 5550(b)(1). Further, as of August 25, 2015, the Company had not met the alternative compliance standards relating to the market value of listed securities or net income from continuing operations and therefore does not comply with the applicable Nasdaq Listing Rules. This notification has no immediate effect on the Company’s listing on The Nasdaq Capital Market. Nasdaq has provided the Company with 45 calendar days, or until October 5, 2015 (first business day following the 45th calendar day), to submit a plan to regain compliance with the minimum stockholders’ equity standard. If the Company’s plan to regain compliance is accepted, Nasdaq may grant an extension of up to 180 calendar days from the date of the notification letter, or until February 16, 2016, to evidence compliance. The Company intends to promptly evaluate options available to regain compliance and to timely submit a plan to regain compliance with Nasdaq’s minimum stockholders’ equity standard. However, there can be no assurance that the Company’s plan will be accepted or that if it is, the Company will be able to regain compliance. If the Company’s plan to regain compliance with the minimum stockholders’ equity standard is not accepted or if it is and the Company does not regain compliance by February 16, 2016, or if the Company fails to satisfy another Nasdaq requirement for continued listing, Nasdaq staff could provide notice that the Company’s common stock will become subject to delisting. In such event, Nasdaq rules permit the Company to appeal the decision to reject its proposed compliance plan or any delisting determination to a Nasdaq Hearings Panel. Further, effective July 23, 2015, Nasdaq’s listing for the Company’s common stock was moved to The Nasdaq Capital Market from The Nasdaq Global Select Market as a result of not complying with Nasdaq’s minimum $1.00 per share requirement, The Company has until January 17, 2016 to regain compliance with the minimum bid price rule in order to maintain its listing on The Nasdaq Capital Market. If the Company does not regain compliance by this date, Nasdaq will provide written notice that the Company’s common stock is subject to delisting from The Nasdaq Capital Market. There can be no guarantee that the Company will be able to regain compliance with either of these requirements or be able to maintain its Nasdaq listing.

Escalera Resources Co. Announces Redetermination of Borrowing Base

Escalera Resources Co. announced that, effective July 31, 2015, the borrowing base under its credit facility has been decreased from $50 million to $44 million in connection with the company's regularly scheduled semi-annual redetermination by its lenders. This decrease has resulted in a borrowing base deficiency of approximately $3.5 million. In connection with the borrowing base redetermination, the company entered into a Forbearance Agreement and First Amendment to Credit Agreement, which provides that the company's lenders will forbear from exercising certain rights under the credit facility relating to Designated Defaults, as defined in the Agreement, subject to the company's compliance with the terms of the Agreement. The Agreement terminates at the earlier of September 1, 2015 or any event of termination under the Agreement. In exchange for entering the Agreement, the company has agreed to, among other things, sell certain assets with all net proceeds going to reduce amounts outstanding under the credit facility, execute mortgages further encumbering certain assets already pledged under the Company's credit facility and the partial unwind of certain 2015 commodity hedges. The company's compliance with the terms of the Agreement will defer any additional payments to cure the borrowing base deficiency through September 1, 2015.

Warren Resources Inc., Escalera Resources Co. - M&A Call

To acquire all of the Warren Resources Inc.'s shallow depth interests in coalbed methane assets located in the Atlantic Rim area of the Washakie Basin in Carbon County, Wyoming


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