OKC-based Quest Energy, Quest Resource receive Nasdaq notices

Journal Record, The (Oklahoma City), Nov 26, 2008

Quest Energy Partners and Quest Resource have both received notices that neither Oklahoma City is in compliance for continued listing on Nasdaq.

Neither company has filed a Form 10-Q for the third quarter. Both companies have 60 days to submit a plan to regain compliance.

Quest Energy Partners was formed by Quest Resource Corp. and owns more than 2,300 wells. It is the largest producer of natural gas in the Cherokee Basin, which is in southeast Kansas and northeast Oklahoma.

Jerry Cash resigned in August as chairman and CEO of Quest Resource, Quest Energy Partners and Quest Midstream Partners after the discovery of $10 million in questionable money transfers to an entity controlled by Cash, according to Oklahoma City-based Quest.

In mid-September, the boards of Quest Resource and the general partners of Quest Energy Partners and Quest Midstream Partners terminated David Grose as the chief financial officer of the companies.