PetroQuest Energy Inc. in Lafayette received notice that it is out of compliance with the New York Stock Exchange because its common stock was less than $1 per share over a 30-day trading period.

In addition, the NYSE noted that PetroQuest’s market capitalization recently fell below $15 million. If the average remains less than $15 million for a 30-day period, the NYSE can suspend the trading of the company’s common stock and initiate delisting procedures.

To avoid its stock from being delisted, the NYSE is requiring the company to notify it within 10 business days on how it intends to cure the deficiency on the stock price and return to compliance with the NYSE's continued listing requirements.

PetroQuest, like dozens of other oil and gas industry businesses, has been pummeled by low oil prices in recent years.