4 May 2001drilling progress report▼ BadMajor
Chaparral said Nasdaq told it that its stock is subject to delisting from the SmallCap Market. The stated reasons are that it converted its 8% convertible notes into 11,690,259 shares (Sept 21, 2000) and issued 1,612,903 shares (Oct 30, 2000) without stockholder approval, and held no annual meeting for fiscal 1999. It will appeal at a hearing and the stock keeps trading meanwhile. The filing says delisting would be a default on the Shell Capital loan, and that the Karakuduk Field investment may be lost if the default is not waived. It also reports operating figures for KKM, the 50%-owned Karakuduk operator: a record 8,700 barrels delivered into the pipeline on May 1, about 197,000 barrels of gross April sales, and 24 productive wells.