The New York Stock Exchange has given Goodrich Petroleum Corp. more time to lift its share value to the level required for listing on the exchange.
Houston-based Goodrich is the biggest player in the Tuscaloosa Marine Shale, an oil-rich formation that covers Louisiana’s midsection. Drilling costs in the still-developing formation are among the most expensive in the nation. When oil prices plummeted so did the value of Goodrich’s shares.
In 2014, Goodrich shares traded at more than $22 a share. On Tuesday, the stock closed at 34 cents. The New York Stock Exchange notified Goodrich on Aug. 27 that it no longer met the criteria for listing. Those requirements include an average closing price of $1 a share for 30 consecutive trading days.
Goodrich has until Feb. 27 to achieve that requirement.