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StockMarketSuperior's Common Stock had been registered with the Securities Exchange Commission for several years and was required to file with the Commission periodic forms reporting on its financial condition as well as other forms related to specific events. The last periodic report it filed with the Commission was its Form 10-Q for the interim period ended September 30, 2010. Due to a lack of funds to pay its auditor, it was not able to prepare and have audited its financial statements for the 2010 year-end or the periodic forms required thereafter.
Despite continuous efforts, Superior was not able to obtain funds in any significant amounts during 2011 and 2012 for drilling wells or for paying auditors. In early 2013 the Commission issued an order suspending the trading of stock of 10 small public companies including Superior because of their failures to file their required periodic reports with the Commission. The Commission also commenced an administrative proceeding against the companies seeking the termination of the registration of their stocks at the Commission. Superior had no defense against the allegations of the Commission, because it had in fact failed to file the required reports. Superior consented to the Commission's issuing an order de-registering Superior's Common Stock. This resulted in the revocation of Superior's stock symbol and made it illegal for stock brokers to effect trades in Superior's Common Stock.
To re-register our stock with the Commission, we have to pay for audits of our financial statements. We were not able immediately to raise the required amount. Fortunately, the opportunity to participate in the four horizontal wells Devon drilled in 2013 in Spacing Units in which we owned leases enabled us to raise the funds to participate in these successful wells. Devon should soon commence paying us our share of the proceeds from sales of the production from these wells.
We expect to pay our auditors and prepare and file the necessary registration form with the Commission by June.
After clearance by the staff of the Commission and then FINRA, we hope to have our Common Stock trading again in the stock markets by Summer's end
k up.
AI
