Quest Resource Corp. Receives Nasdaq Non-Compliance Notice
25 Novembre 2008 - 12:30PM
Marketwired
Quest Resource Corporation (NASDAQ: QRCP) ("QRCP" or "the Company")
today announced that it has received a notice from the Nasdaq Stock
Market, dated November 19, 2008, indicating that because the
Company has not yet filed its Form 10-Q for the period ended
September 30, 2008, that under Marketplace Rule 4310(c)(14) it is
no longer in compliance with the rules for continued listing on the
exchange.
The notice further stated that Nasdaq rules permit the Company
to submit a plan to regain compliance by no later than January 21,
2009, or within 60 calendar days. Following a review of this plan,
Nasdaq staff can grant QRCP an exception, up to 180 calendar days
from the due date of the 10-Q, or until May 11, 2009, to regain
compliance. QRCP intends to timely submit a plan to Nasdaq and to
execute on that plan to be back in compliance within the exception
period.
In determining whether to grant the exception, Nasdaq staff will
consider QRCP's: specific circumstances, including the likelihood
that the 10-Q can be filed within the exception period; past
compliance history; reasons for the late filing; corporate events
that may occur within the exception period; general financial
status; and disclosures to the market.
If Nasdaq staff determines that it is not appropriate to provide
QRCP with an exception, it will provide written notice that the
Company's securities will be delisted. At that time, QRCP may
appeal the decision to a Nasdaq Listing Qualifications Panel.
About Quest Resource Corporation
Quest Resource Corporation is a fully integrated E&P company
that owns: the right to develop approximately 105,000 net acres in
the Appalachian Basin of the northeastern United States, including
approximately 97,000 acres prospective for the Marcellus Shale;
100% of the general partner and a 57% limited partner interest in
Quest Energy Partners, L.P. (NASDAQ: QELP); and 85% of the general
partner and a 36% limited partner interest in Quest Midstream
Partners, L.P. Quest Resource operates and controls Quest Energy
Partners and Quest Midstream Partners through its ownership of
their general partners. For more information, visit the Quest
Resource website at www.qrcp.net, the Quest Energy Partners website
at www.qelp.net, and the Quest Midstream Partners website at
www.qmlp.net. Quest Resource routinely posts important information
in the "Investors" section of its website.
Forward-Looking Statements
Opinions, forecasts, projections or statements other than
statements of historical fact, are forward-looking statements that
involve risks and uncertainties. Forward-looking statements in this
announcement, including the submission of a plan to regain
compliance with Nasdaq listing requirements, are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Although Quest believes that the expectations
reflected in such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to be correct.
In particular, the forward looking statements made in this release
are based upon a number of financial and operating assumptions that
are subject to a number of risks, including the results of Quest's
ongoing internal investigation into the questionable transfers by
Quest's former CEO, the ongoing worldwide crisis in the capital
markets, uncertainty involved in exploring for and developing new
natural gas reserves, the sale prices of natural gas and oil, labor
and raw material costs, the availability of sufficient capital
resources to carry out the anticipated level of new well
development and construction of related pipelines, environmental
issues, weather conditions, competition and general market
conditions. Actual results may differ materially due to a variety
of factors, some of which may not be foreseen by Quest. These
risks, and other risks are detailed in Quest Resource Corporation's
filings with the Securities and Exchange Commission, including risk
factors listed in their latest annual reports on Form 10-K and
other filings with the Securities and Exchange Commission. You can
find Quest Resource Corporation's filings with the Securities and
Exchange Commission at www.qrcp.net or at www.sec.gov. By making
these forward-looking statements, Quest undertakes no obligation to
update these statements for revisions or changes after the date of
this release.
Company Contact: Jack Collins Interim CFO Phone: (405) 702-7460
Website: www.qrcp.net
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