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Stone Energy Corporation has been notified by the NYSE that its average global market capitalization has been less than $50 million over a consecutive 30 trading-day period at the same time that our stockholders' equity is less than $50 million, which is non-compliant with Section 802.01B of the NYSE Listed Company Manual.
Under the NYSE's rules, Stone has 10 business days from receipt of the notification to submit a letter confirming that the company will submit a plan that demonstrates the ability to regain compliance within 18 months.
Thereafter, Stone will have 45 calendar days following the confirmation letter to the NYSE to submit such plan.
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