BPI Energy Receives Notification From NYSE Alternext Regarding Continued Listing

  
    
  
  
    
      BPI Energy Holdings, Inc. (NYSE Alternext US: BPG), an 
      independent energy company engaged in the exploration, production and 
      commercial sale of coalbed methane (CBM) in the Illinois Basin, today 
      announced that, on Nov. 17, 2008, it received notification from the NYSE 
      Alternext US LLC (“Exchange”), formerly the American Stock Exchange 
      (AMEX), that the company no longer complies with one or more of the 
      Exchange’s continued listing standards and that its securities are, 
      therefore, subject to being delisted from the Exchange. The Exchange 
      halted trading in BPI’s common stock on Nov. 6, 2008.
    
    
      The notice specifically indicates that BPI is in violation of the NYSE 
      Alternext US Company Guide (the “Company Guide”) Section 1003(a)(iv) in 
      that it has sustained losses which are so substantial in relation to its 
      overall operations or its existing financial resources, or its financial 
      condition has become so impaired that it appears questionable, in the 
      opinion of the Exchange, as to whether the Company will be able to 
      continue operations and/or meet its obligations as they mature. 
      Moreover, based on the press release issued on Oct. 30, 2008, stating 
      that it is currently insolvent and given the current market value of the 
      Company’s common stock, pursuant to Section 1003(c)(3) of the Company 
      Guide the Exchange will normally consider suspending dealings in, or 
      removing from the list securities, of an issuer whenever advice has been 
      received, deemed by the Exchange to be authoritative, that the security 
      is without value. The notice also cited the company’s SEC disclosure 
      that it was unable to file its Annual Report on Form 10-K for the year 
      ended July 31, 2008, when due, and the extension period afforded by 
      filing Form 12b-25 ended on Nov. 13, 2008. The timely filing of such 
      reports is a condition for the Company’s continued listing on the 
      Exchange, as required by Sections 134 and 1101 of the Company Guide.
    
    
      BPI is currently evaluating its option to appeal this determination and 
      request a hearing before a committee of the Exchange to present a plan 
      to regain compliance with NYSE Alternext US listing standards; however, 
      there can be no assurance that the company’s request for continued 
      listing will be granted.
    
    
      The company today filed a report on Form 8-K, which is available from 
      the Securities and Exchange Commission at http://www.sec.gov 
      or on the Investor Relations page of BPI’s website at http://www.bpi-energy.com.
    
    
      About BPI Energy
    
    
      BPI Energy (BPI) is an independent energy company engaged in the 
      exploration, production and commercial sale of coalbed methane (CBM) in 
      the Illinois Basin, which covers approximately 60,000 square miles in 
      Illinois, southwestern Indiana and northwestern Kentucky. The company 
      controls a large CBM position in the Illinois Basin at approximately 
      534,280 acres.
    
    
      To be added to BPI Energy’s e-mail distribution list, please click on 
      the link below: http://www.clearperspectivegroup.com/clearsite/bpi/emailoptin.html
    
    
      News releases and other information on the company are available on the 
      Internet at: http://www.bpi-energy.com 
      or http://www.bpi-industries.com/newlibrary.htm?b=1320&1=1
    
    
      Some of the statements contained in this report that are not 
      historical facts, including statements containing the words “believes,” 
      “anticipates,” “expects,” “intends,” “plans,” “should,” “may,” “might,” 
      “continue” and “estimate” and similar words, constitute forward-looking 
      statements under the federal securities laws. These forward-looking 
      statements involve known and unknown risks, uncertainties and other 
      factors that may cause our actual results, performance or achievements, 
      or the conditions in our industry, on our properties or in the Basin, to 
      be materially different from any future results, performance, 
      achievements or conditions expressed or implied by such forward-looking 
      statements. Some of the factors that could cause actual results or 
      conditions to differ materially from our expectations include, but are 
      not limited to: (a) our inability to raise the funds necessary to 
      satisfy our existing accounts payable and accrued liabilities; (b) a 
      refusal by GasRock Capital LLC (“GasRock”) to make any additional 
      advances under the GasRock Credit Agreement, which are at GasRock’s 
      discretion; (c) our inability to repay or refinance the amounts advanced 
      to us by GasRock when such amounts become due on Jan. 30, 2009; (d) a 
      breach by us of a covenant under the GasRock Credit Agreement or other 
      event of default that allows GasRock to accelerate our outstanding 
      obligations; (e) our inability to obtain sufficient financing that would 
      enable us to fund our future operations; (f) our failure to accurately 
      forecast CBM production; (g) a decline in the prices that we receive for 
      our CBM production; (h) our failure to accurately forecast operating and 
      capital expenditures and capital needs due to rising costs or different 
      drilling or production conditions in the field; (i) our inability to 
      attract or retain qualified personnel with the requisite CBM or other 
      experience; (j) unexpected economic and market conditions, in the 
      general economy or the market for natural gas; (k) limitations imposed 
      on us by the GasRock Credit Agreement; and (l) potential exposure to 
      losses caused by our derivative contract. We caution readers not to 
      place undue reliance on these forward-looking statements.