If you’ve been keeping up with oil companies this year, you’ll understand that the situation has been dire for many. Breitburn Energy Partners has been hit particularly hard. The independent oil and gas company was forced to file for bankruptcy, before winning approval to spend $75 to $150 million to remain in business, while restructuring. The company’s common stock and Series A units were suspended by NASDAQ at the opening bell on May the 25th of 2016. At this time, the Los Angeles based company admits they have no intention to file a plan for regaining compliance or appealing NASDAQ’s decision.
Nonetheless, the company’s common units (BBEPQ) and preferred units (BBEPP) will now be traded on the OTC stock exchange. The securities entered the OTC market today. During the day’s trading, the BBEPQ stock experienced plenty of volatility and had a daily range of .0665 to .105. The stock closed with a final price of $.082. Its previous closing price was $.125.