Lafayette-based PetroQuest Energy Inc.’s stock will continue to be listed on the New York Stock Exchange under a plan submitted by the oil and gas producer.
PetroQuest shares must reach the minimum required level, $1 per share, within six months. PetroQuest has proposed a reverse stock split, dividing the 70.5 million outstanding shares by between three and six.
PetroQuest’s stock price and earnings have fallen along with oil prices over the past 21 months. The company’s shares are trading for about 60 cents per share, about a tenth of what they did in September 2014. Shareholders are expected to vote on the reverse split at the annual stockholders meeting on May 18.