Sunday, June 03, 2012

Oilsands Quest to be removed from NYSE

Oilsands Quest is a troubled oil sands company whose main asset straddles the Alberta-Saskatchewan border. They were aiming to become the first oil sands company operating in Saskatchewan. They've been under creditor protection for some time, however, and now are being removed from the New York Stock Exchange because they can't meet the exchange's requirements.

To be specific in the jargon of the exchange, "the Company has sustained losses which are so substantial in relation to the Company's overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the NYSE MKT, as to whether the Company will be able to continue operations and/or meet its obligations as they mature".

So they're basically flat broke. This is apparently not a problem for the Canadian National Stock Exchange (CNSX), however, so they're going to try and re-list there.

1 comment:

  1. Here's an idea, get a cap rock!!

    ReplyDelete