Cook Inlet Energy is now in “repair mode” after poor performance in 2014.
The Tennessee-based company’s share price on Wall St dropped from $6.40 last July to just 59 cents this week. The New York Stock Exchange notified the company April 23rd that it might be delisted, since the share value has averaged below $1 for more than a month.
Executives wrote, “The Company intends to cure the deficiency and to return to compliance before the expiration of the six month deadline.”
CIE reported 2,400 barrels of oil per day last year out of Cook Inlet, where there are no oil production taxes, but received 21-million dollars in tax credits from the state in March. The company expects another $33 million in early June, with a total of $70 million projected for the year.
Even if the company saves its stock listing, CIE is also facing a steep environmental fine for a well without the required safety valve, and new estimates may devalue the company’s assets by 90%.
