HOUSTON, Oct. 14 /PRNewswire/ -- KCS Energy, Inc. (NYSE: KCS) today
reported that it does not currently meet the newly effective New York Stock
Exchange (NYSE) continued listing standards. This announcement is mandated by
the NYSE's new continued listing requirements. These standards require total
market capitalization of not less than $50 million and total stockholders'
equity of not less than $50 million. At the close of business on October 13,
1999, KCS' total market capitalization was approximately $29.3 million. As a
result of a non-cash ceiling writedown at December 31, 1998, the Company
currently has negative stockholders' equity.
KCS has submitted a plan to the NYSE's Listings and Compliance Committee
that sets forth a strategy to enable the Company to comply with the new
standards by the June 2000 deadline established by the NYSE. If the Committee
accepts the plan, the Company will be monitored quarterly for compliance with
the plan. Should the Committee not accept the plan, KCS will be subject to
trading suspension and delisting procedures.
James W. Christmas, KCS President and Chief Executive Officer, stated,
"KCS has made significant strides throughout 1999, reducing debt by
$33 million since March 31, 1999, reducing operating and administrative costs
by 15% compared to year-ago levels and returning to profitability.
Strengthening oil and gas commodity prices continue to augment the benefits of
our business initiatives. However, should KCS' shares be delisted, we believe
an alternative trading forum will be available."
KCS is an independent energy company engaged in the acquisition,
exploration and production of natural gas and crude oil with operations in the
Mid-Continent and Gulf Coast regions. The Company also purchases reserves
(priority rights to future delivery of reserves) through its Volumetric
Production Payment (VPP) program. For more information on KCS Energy, Inc.,
please visit the Company's web site at http://www.kcsenergy.com .
To receive KCS' latest news and other corporate developments via fax at no
cost, please call 1-800-PRO-INFO; use company code KCS. Or visit
http://www.frbinc.com.
This press release contains forward-looking statements that involve a
number of risks and uncertainties. Among the important factors that could
cause actual results to differ materially from those indicated by such
forward-looking statements are delays and difficulties in developing currently
owned properties, the failure of exploratory drilling to result in commercial
wells, delays due to the limited availability of drilling equipment and
personnel, fluctuations in oil and gas prices, general economic conditions and
the risk factors detailed from time to time in the Company's periodic reports
and registration statements filed with the Securities and Exchange Commission.
SOURCE KCS Energy, Inc.
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Related links:
http://www.kcsenergy.com
CONTACT:
Kathryn M. Kinnamon, VP, Treasurer and Acting
CFO, 713-877-8006; or General Info, Marianne Stewart, Media,
Claudine Cornelis, 212-661-8030, or Analysts, Beth Lewis,
617-342-7003, all of The Financial Relations Board
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