NYSE Gives Chesapeake Granite Wash Trust the Boot

The New York Stock Exchange has suspended trading of Chesapeake Granite Wash Trust’s units, effective Feb. 28. The NYSE also initiated proceedings to delist the Trust Units.
The delisting is due to the Trust's failure to meet listing compliance standards. The average closing price of the Trust Units fell below $1.00 over a 30-consecutive trading-day period, and the Trust was unable to regain compliance within a six-month period that ended Feb. 28.
On March 2, the Trust’s units began trading under the symbol "CHKR" on the OTC Pink Market, which is operated by OTC Markets Group Inc. As OTC Pink is a significantly more limited market than the NYSE, the quotation of the Trust Units on OTC Pink may result in a less liquid market available for existing and potential unitholders and could further depress the trading price of the Trust Units, Chesapeake said in a written statement.
At this writing, the shares were trading at $0.45 each.
Chesapeake Granite Wash Trust is a Delaware statutory trust formed by Chesapeake to own royalty interests in oil, natural gas liquids and natural gas wells in Washita County, Okla., producing from the Colony Granite Wash play within the broader Granite Wash formation of the Anadarko Basin.
The common units do not represent interests in and are not obligations of Chesapeake, according to the company.
To contact the author, email bertie.taylor@rigzone.com.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Bankrupt Sri Lanka Takes Russia Oil
- FERC Approves Gas Pipeline Projects To Increase U.S. Exports
- A Guide to the Week's Oil and Gas Market Hits and Misses
- U.S. Announces First Ever Offshore Wind Sale On Pacific Coast
- Windfall Tax Branded a Backward Step
- Equinor Exits All Russia Joint Ventures
- Chevron Investors Go For Energy Transition In Near-Unanimous Vote
- Chevron Makes New Appointments In Leadership Structure
- DOI Invests $33MM Putting People to Work in Orphaned Well Program
- EU Leans Toward Delaying Pipeline Ban to Clinch Oil Deal
- Oil Inventories Down to Dangerously Low Point
- USA Fuelmakers Shifting Into Higher Gear
- ExxonMobil Selling Shale Assets for $750MM
- Shots Fired During Tanker Loading
- NPD Grants Slew of Drilling Permits
- World's Oil Growth Engine Is About to Slow
- Saudi Arabia Says It Has Done All It Can for the Oil Market
- FID For $13.2B Louisiana LNG Project
- BlackRock Told Texas It Will Still Invest In Oil And Gas
- Ruble Hits 5-Year High as Gas Buyers Bend to Putin Demand
- Russian Oil Producers Start Using Tankers the World Did Not Want
- ADNOC Announces 650MM Barrel Oil Find
- Finland Loses Main Gas Supply
- This Is Where the Oil Price Would Be Without the War
- Ban on Excessive Gasoline Prices Heading for Vote
- Oil and Gas Discovery Confirmed at Hamlet
- Oil Inventories Down to Dangerously Low Point
- Top Headlines: Be Prepared to Pay More at the Pump from June
- USA Fuelmakers Shifting Into Higher Gear
- Gas Prices Could Rocket in the Near Term