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Storm Cat Energy Corporation Receives Delisting Notices From the New York Alternext US LLC and Toronto Stock Exchanges
DENVER, Colo. and CALGARY, Alberta, Nov. 20 /CNW/ -- Storm Cat Energy Corporation (NYSE Alternext...
About this update from Sama Resources Inc.
[{"type":"text","content":"\n\n\n\nDENVER, Colo. and CALGARY, Alberta, Nov. 20 /CNW/ -- Storm Cat Energy\nCorporation (NYSE Alternext US: SCU; TSX: SME) today reported that it has\nreceived a delisting notice from the NYSE Alternext US LLC (NYSE Alternext US)\npursuant to Section 1009 of the NYSE Alternext US Company Guide. Key reasons\nfor the delisting of the Company's stock cited by the NYSE Alternext US\ninclude, among others, the subsidiaries of Storm Cat having filed voluntary\npetitions for reorganization under Chapter 11 of the United States Bankruptcy\nCode on November 10, 2008, its recent financial performance, and the low per\nshare trading price of Storm Cat's common stock for a substantial period of\ntime, as addressed by the NYSE Alternext US Company Guide in Sections\n1003(a)(i)-(iv), 1003(c)(3) and 1003(f)(v).\n\n\nSeparately, the Company received a notice from the Toronto Stock Exchange\n(the "TSX") stating that the TSX had decided to suspend trading of the\nCompany's common shares immediately and to delist the Company's common shares\nas of the close of business on December 18, 2008. The delisting was imposed\ndue to similar reasons cited by the NYSE Alternext US.\n\n\nStorm Cat has a limited right to appeal the NYSE Alternext US's decision\nuntil November 24, 2008, and is required to appeal the TSX's decision before\nDecember 18, 2008. At present, Storm Cat has elected not to take any specific\nactions or responses to the NYSE Alternext US or TSX delisting notices.\n\n\nAbout Storm Cat Energy\n\n\nStorm Cat Energy is an independent oil and gas company focused on the\nexploration, production and development of large unconventional gas reserves\nfrom fractured shales, coal beds and tight sand formations and, secondarily,\nfrom conventional formations. The Company has producing properties in\nWyoming's Powder River Basin and Arkansas' Arkoma Basin and exploration and\ndevelopment acreage in Canada. The Company's shares trade on the NYSE\nAlternext US under the symbol "SCU" and in Canada on the TSX under the symbol\n"SME."\n\n\nForward-looking Statements\n\n\nThis press release contains certain "forward-looking statements", as\ndefined in the United States Private Securities Litigation Reform Act of 1995,\nand within the meaning of Canadian securities legislation, relating to\npotential future product...