Key Developments For Rio Vista Energy Partners L.P.
Rio Vista Energy Partners L.P. (RVEP.O) (Consolidated Issue listed on NASDAQ Capital Market)
Rio Vista Energy Partners L.P. Delays Filing of June 30, 2009 Quarterly Report
Rio Vista Energy Partners L.P. announced that it will not file its Form 10-Q for the quarter ended June 30, 2009, with the Securities and Exchange Commission by the required due date of August 14, 2009. As previously disclosed, Rio Vista`s March 31, 2009, Form 10-Q was filed without the review of Rio Vista`s independent auditors (Auditors) of those financial statements. Rio Vista intends to have the March 31, 2009, financial statements subsequently reviewed by its Auditors. However, due to Rio Vista`s continued cash flow constraints, Rio Vista has been unable to satisfy the outstanding amounts owed to the Auditors for prior work performed and accordingly the Auditors have not yet commenced their review of the March 31, 2009, financial information. The Auditors have not made any review of the June 30, 2009, quarterly financial information. Rio Vista does not have any estimate as to when the Auditors will be paid. As a result of the delay in filing its Form 10-Q for the quarter ended June 30, 2009, Rio Vista expects to receive another notification from the NASDAQ Stock Market that it is not in compliance with the filing requirements for continued listing on NASDAQ. If Rio Vista`s plan for compliance is not accepted by NASDAQ with respect to the March 31, 2009 Form 10-Q filing deficiency and/or the anticipated June 30, 2009 Form 10-Q filing deficiency, Rio Vista expects that NASDAQ will recommend that Rio Vista`s common units be delisted from the NASDAQ Stock Market.
Rio Vista Energy Partners L.P. Enters Into Letter Of Intent To Sell Regional
Rio Vista Energy Partners L.P. announced that it has entered into a non-binding letter of intent (LOI) on July 29, 2009 to sell its wholly-owned subsidiary, Regional Enterprises Inc. (Regional) to an undisclosed buyer (Buyer). Under the terms of the LOI, the purchase price to Buyer to acquire 100% of the outstanding stock of Regional held by Rio Vista will be $5,000,000, less certain adjustments as described in the LOI and less deposits of $250,000 received from Buyer in connection with the LOI. Buyer will assume all the obligations of Regional, except for obligations of Regional to Rio Vista and/or any of its affiliates, totaling approximately $2,500,000 at June 30, 2009 (Affiliate Obligations) for which a portion of the purchase price will be applied for payment of the Affiliate Obligations by Regional at closing. The closing is to occur no later than September 28, 2009, unless extended as a result of permitted delays as prescribed in the LOI (Permitted Delays).
Rio Vista Energy Partners L.P. To Make Quarterly Distribution Of $0.25 Per Unit On August 14, 2008
Rio Vista Energy Partners L.P. announced that it has scheduled a cash distribution to its common unit holders. The distribution, covering the second quarter ended June 30, 2008, is expected to be in an amount equal to $0.25 per common unit. The distribution is scheduled to be paid on August 14, 2008 to all holders of record of Rio Vista common units as of the close of business on August 11, 2008.
Rio Vista Energy Partners L.P. Announces Quarterly Distribution
Rio Vista Energy Partners L.P. announced that distribution, covering the first quarter ended March 31, 2008, is expected to be in an amount equal to $0.25 per common unit. The distribution is scheduled to be paid on May 15, 2008, to all holders of record of the Company common units as of the close of business on May 9, 2008.
Rio Vista Energy Partners L.P. Announces Quarterly Distribution Of $0.25 Per Unit
Rio Vista Energy Partners L.P. announced that it has scheduled a cash distribution to its common unit holders. The distribution, covering the fourth quarter ended December 31, 2007, is expected to be in an amount equal to $0.25 per common unit. The distribution is scheduled to be paid on February 14, 2008, to all holders of record of the Company common units as of the close of business on February 11, 2008.
