Oklahoma City-based Chaparral Energy Inc. announced Friday that its Class A common stock shares began trading over-the-counter on the OTCQB market under the symbol CHPE.
“This marks a key step in Chaparral’s transition into a publicly traded company,” said K. Earl Reynolds, Chaparral’s CEO. “We believe we can create significant value for our shareholders as we continue our transformation into a premiere pure-play STACK operator.”
Chaparral announced plans for an initial public offering back in 2006, according to The Oklahoman. Although the oil and natural gas producer had several discussions, key executives nixed the plans for an IPO throughout the years. The energy company filed for Chapter 11 bankruptcy protection in May of 2016. Chaparral emerged from bankruptcy proceedings in March of 2017.
Chaparral has developed a new business strategy, going all in on the STACK play while attempting to divest other properties including an Osage County carbon dioxide flooding project and other oil recovery projects, according to The Oklahoman.