Storm Cat Energy bankrupt and delisted
News Release
Storm Cat Energy
Friday, 21 November 2008
Storm Cat has been advancing its coalbed methane project in the Elk Valley and until this bankruptcy, was believed to be close to a production decision.
STORM CAT ENERGY CORPORATION RECEIVES DELISTING NOTICES
FROM THE NEW YORK ALTERNEXT US LLC AND TORONTO STOCK EXCHANGES
DENVER, Colorado and CALGARY, Alberta – November 20, 2008 – Storm Cat Energy Corporation (NYSE Alternext US: SCU; TSX: SME) today reported that it has received a delisting notice from the NYSE Alternext US LLC (NYSE Alternext US) pursuant to Section 1009 of the NYSE Alternext US Company Guide. Key reasons for the delisting of the Company’s stock cited by the NYSE Alternext US include, among others, the subsidiaries of Storm Cat having filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code on November 10, 2008, its recent financial performance, and the low per share trading price of Storm Cat’s common stock for a substantial period of time, as addressed by the NYSE Alternext US Company Guide in Sections 1003(a)(i)-(iv), 1003(c)(3) and 1003(f)(v).
Separately, the Company received a notice from the Toronto Stock Exchange (the “TSX”) stating that the TSX had decided to suspend trading of the Company’s common shares immediately and to delist the Company’s common shares as of the close of business on December 18, 2008. The delisting was imposed due to similar reasons cited by the NYSE Alternext US.
Storm Cat has a limited right to appeal the NYSE Alternext US’s decision until November 24, 2008, and is required to appeal the TSX’s decision before December 18, 2008. At present, Storm Cat has elected not to take any specific actions or responses to the NYSE Alternext US or TSX delisting notices.
Posted by Arthur Caldicott on 21 Nov 2008