(Source: PrimeNewswire)
OKLAHOMA CITY, June 17, 2009 (GLOBE NEWSWIRE) -- Quest Resource Corporation (Nasdaq:QRCP) ("QRCP" or the "Company") today announced that its independent registered public accounting firm's report on its financial statements for the fiscal year ended December 31, 2008 includes an explanatory paragraph regarding the Company's ability to continue as a going concern. The factors contributing to this concern include QRCP's recurring losses from operations, stockholders' accumulated deficit, and inability to generate sufficient cash flow to meet its obligations and sustain its operations. The various alternatives being considered by QRCP to address the going concern issues are discussed in Note 1 of the Financial Statements of the Company's 2008 Form 10-K that was filed on June 3, 2009. There can be no assurance that QRCP will be successful in its efforts to continue its operations.
NASDAQ Listing Update
Management appeared before the NASDAQ Listing Qualifications Hearings Panel (the "Panel") on June 11, 2009 and presented the Company's plan to regain compliance with NASDAQ listing requirements and the progress they have made towards this goal, including the filing of QRCP's 2008 Form 10-K. At the hearing, management requested a stay of the delisting of its units from NASDAQ until July 30, 2009 in order to have sufficient time to file its 2008 Third Quarter Form 10-Q and the 2009 First Quarter Form 10-Q. QRCP expects to receive a written decision from the Panel within 30 days of the hearing date, or by July 10, 2009. The Panel's decision could result in the suspension and delisting of the Company's securities from The NASDAQ Stock Market.
About Quest Resource Corporation
Quest Resource Corporation is a fully integrated E&P company that owns: producing properties and acreage in the Appalachian Basin of the northeastern United States; 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 36.4% of the limited partner interests in the form of subordinated units 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.
