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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Date of Report DECEMBER 28, 1995
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OCEANIC EXPLORATION COMPANY
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(Exact name of Registrant as specified in its charter)
DELAWARE 0-6540 84-0591071
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(State or other juris- (Commission (I.R.S. Employer
diction of Incorporation File Number) Identification No.)
5000 SOUTH QUEBEC STREET, SUITE 450, DENVER, COLORADO 80237
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(Address of principal executive offices)
(303) 220-8330
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(Registrant's telephone number)
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Item 5. OTHER EVENTS
Oceanic Exploration Company ("Oceanic" or the "Registrant") has received
notification from the Pacific Stock Exchange (the "Exchange"), that the
October 3, 1995 decision of the Exchange's Equity Listing Committee (the
"Committee") to delist the Common Stock of the Registrant would be upheld.
The Committee based its decision upon the Registrant's deficiencies with
respect to the following components of the Exchange's listing maintenance
requirements: (1) net tangible assets of at least $500,000, (2) aggregate
market value of publicly held shares of at least $500,000, (3) a minimum bid
price per share of at least $1, and (4) the Committee's serious doubts about
the Registrant's ability to meet the requirements for an ongoing concern.
On December 8, 1995, representatives of the Registrant appealed the decision
to delist the stock before the Board Appeals Committee of the Exchange.
Finding no compelling evidence to recommend that the October 3, 1995,
decision of the Committee be revised, the decision to delist was upheld and
affirmed on December 11, 1995.
The delisting of the Registrant from the Exchange will likely have an adverse
effect on the market value of the common stock. The Registrant is attempting
to secure a broker-dealer or dealers to serve as market makers for trades in
its common stock. There is no assurance that the Registrant will be able to
secure such a relationship.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
OCEANIC EXPLORATION COMPANY
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(Registrant)
Date: December 28, 1995 /s/ Charles N. Haas
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Charles N. Haas (Name)
President (Office)
