Gulf Coast Ultra Deep Royalty Trust Begins Trading on OTCQX®
NEW YORK, Oct. 10, 2013 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, today announced that Gulf Coast Ultra Deep Royalty Trust (OTCQX: GULTU), a Delaware statutory trust created in connection with Freeport-McMoRan Copper & Gold Inc.'s acquisition of McMoRan Exploration Co., has been approved to trade on OTCQX®, the best marketplace with qualified companies.
Gulf Coast Ultra Deep Royalty Trust will begin trading today on OTCQX U.S., a segment of the OTCQX marketplace reserved for high-quality U.S. companies that meet financial standards, undergo management reviews and provide timely news and disclosure to investors. Investors can find current financial disclosure and Real-Time Level 2 quotes for Gulf Coast Ultra Deep Royalty Trust on www.otcmarkets.com.
"We are pleased Gulf Coast Ultra Deep Royalty Trust has chosen to upgrade to the OTCQX marketplace," said R. Cromwell Coulson, President and CEO of OTC Markets Group. "OTCQX provides qualifying issuers the ability to distinguish themselves in the U.S. market and increase their visibility with traders, investors, analysts and the media through high-quality disclosure, transparent trading and ease of access to company information. We look forward to supporting Gulf Coast Ultra Deep Royalty Trust and providing a robust public market for its units."
Thompson & Knight LLP will serve as Gulf Coast Ultra Deep Royalty Trust's Designated Advisor for Disclosure on OTCQX, responsible for providing professional guidance on OTCQX requirements and disclosure obligations under the U.S. securities laws.
About Gulf Coast Ultra Deep Royalty Trust
Gulf Coast Ultra Deep Royalty Trust was created in connection with Freeport-McMoRan Copper & Gold Inc.'s acquisition of McMoRan Exploration Co., which was completed on June 3, 2013. Holders of royalty trust units are entitled to share in a 5% gross overriding royalty interest in hydrocarbons saved and produced from each of McMoRan Oil and Gas LLC's 20 specified shallow water Gulf of Mexico and onshore Gulf Coast ultra-deep exploration prospects. Currently, none of the specified prospects are producing.
Gulf Coast Ultra Deep Royalty Trust trades in the U.S. on OTCQX under the symbol "GULTU."
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates Open, Transparent and Connected financial marketplaces for 10,000 U.S. and global securities. Through our OTC Link® ATS, we directly link a diverse network of broker-dealers that provide liquidity and execution services for a wide spectrum of securities. We organize these securities into marketplaces to better inform investors of opportunities and risks – OTCQX®, The Best Marketplace with Qualified Companies; OTCQB®, The Venture Stage Marketplace with U.S. Reporting Companies; and OTC Pink®, The Open Marketplace with Variable Reporting Companies. Our data-driven platform enables investors to easily trade through the broker of their choice at the best possible price and empowers a broad range of companies to improve the quality and availability of information for their investors. To learn more about how we create better informed and more efficient financial marketplaces, visit www.otcmarkets.com.
OTC Link ATS is operated by OTC Link LLC, member FINRA/SIPC and SEC regulated ATS.
SOURCE OTC Markets Group Inc.