The New York Stock Exchange has suspended trading in Goodrich Petroleum Corp. and will drop the stock from the exchange’s listing.
Goodrich is the largest player in the Tuscaloosa Marine Shale, the oil-rich formation that stretches across the middle of Louisiana into Mississippi. As of November, Goodrich had more than 300,000 acres leased in the formation. When oil prices cratered, the company’s focus on the still-developing shale hurt Goodrich’s share prices.
The stock exchange cited “abnormally low” price levels in suspending trading in Goodrich. The stock closed at 16 cents on Wednesday and hasn’t closed at more than $1 a share since July. Goodrich said it does not plan to appeal its delisting and expects its common stock will begin trading on the Over the Counter Markets under the symbol GDPM.