NEW YORK, Jan. 23, 2014 /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of Open, Transparent and Connected financial marketplaces, today announced that Maverick Drilling & Exploration Ltd. (OTCQX: MRVKY; ASX: MAD), an Australian Securities Exchange (ASX)-listed onshore U.S. focused independent oil company, has chosen to have its American Depositary Receipts (ADRs) trade on OTCQX®, the best marketplace with qualified companies.
Maverick begins trading today on OTCQX International, a segment of the OTCQX marketplace reserved for high-quality non-U.S. companies that are listed on a qualified international exchange and provide their home country disclosure to U.S. investors. U.S. investors can find current financial disclosures and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
"We are pleased Maverick has joined the OTCQX marketplace," said R. Cromwell Coulson, President and CEO of OTC Markets Group. "More than 30 ASX-listed companies have chosen to have their ADRs traded on OTCQX, demonstrating the value Australian and other international stock-exchange-listed companies experience in making their information and trading more widely available to investors in the U.S. We look forward to working with Maverick's management team as they continue to expand the company's presence in the U.S. market."
J. Michael Yeager, Maverick's Chairman and CEO, stated, "This is an important step for Maverick. The ADR program will greatly assist in diversifying our shareholder base into the United States from our already strong support in Australia on the ASX."
Merriman Capital, Inc. serves as Maverick's Principal American Liaison ("PAL") on OTCQX, responsible for providing professional guidance on OTCQX requirements.
Maverick is an ASX-listed onshore U.S. focused independent oil company. Existing oil production and reserves development are focused on the drilling of low cost, high margin oil. Maverick's main assets are large acreage positions with majority ownership over parts of the Blue Ridge, Nash and Boling fields, which are proven producing oil fields located south of Houston, Texas in the United States.
Maverick will trade in the U.S. on OTCQX under the symbol "MRVKY," where each ADR represents 15 ordinary shares.
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.