SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT UNDER SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): September 10, 1999
Commission File Number: 0-14096
FORELAND CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
NEVADA 87-0422812
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
143 UNION BOULEVARD, SUITE 210
LAKEWOOD, COLORADO 80228
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(Address of Principal Executive (Zip Code)
Offices)
Registrant's Telephone Number, including Area Code:
(303) 988-3122
N/A
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(Former name, former address, and formal fiscal year, if changed since
last report)
<PAGE>
ITEM 5. OTHER EVENTS
Foreland Corporation announced on September 10, 1999 that, effective with the
close of business on September 9, 1999, its common stock would be delisted from
the Nasdaq SmallCap Market. Following such delisting, the common stock will
continue to be quoted and traded on the Nasdaq over-the-counter bulletin board
under the same symbol.
Foreland was delisted because it did not meet the minimum net tangible
assets/market capitalization/net income/bid price requirements for continued
listing on the Nasdaq SmallCap Market. Foreland believes its failure to meet
such requirements is principally attributable to substantially increased
abandonment and impairment costs and depreciation and depletion costs in 1998,
and the corresponding effect on estimates of Foreland's oil reserves. These
costs and estimates were in part the result of the extremely depressed year-end
oil prices at December 31, 1998, which have since rebounded significantly.
Foreland has been seeking a significant infusion of investment capital,
strategic alliance, or sale or merger of some or all of its lines of business
and a restructuring of its indebtedness with its principal secured creditor to
meet Nasdaq's requirements, but was unable to reach any definitive agreements
prior to the deadline for delisting. Foreland hopes that ultimately it can
restructure its enterprises and regain its Nasdaq listing. Foreland continues
to have ongoing discussions with its creditors and others but has reached no
definitive agreements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned, hereunto duly authorized.
Dated: September 16, 1999
FORELAND CORPORATION
By /s/ Bruce C. Decker, Vice-President
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