Australian oil company Maverick Drilling & Exploration Ltd. (ASX: MAD) began trading American Depositary Receipts (ADRs) on OTCQX International, a subset of the OTCQX, on Jan. 23, said OTC Markets Group Inc. (OTC: OTCM) that day. Each ADR represents 15 ordinary shares, the group said.
"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,” said J. Michael Yeager, Maverick's chairman and CEO. Yeager was formerly CEO of BHP Billiton Petroleum (NYSE: BHP) in Houston.
Maverick’s trading symbol is “MRVKY,” the group added.
Maverick’s focus is onshore U.S. drilling, said OTC Markets Group.
"We are pleased Maverick has joined the OTCQX marketplace," said R. Cromwell Coulson, president and CEO of OTC Markets Group, adding, "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."
Maverick’s listing on the OTCQX International enables home-country disclosure to U.S. investors, OTC Markets Group said.
Merriman Capital Inc. (OTC: MERR) is Maverick’s Principal American Liaison (PAL) on OTCQX International, the group added.
Maverick’s main U.S. assets include acreage inparts of the Blue Ridge, Nash and Boling fields south of Houston.
OTC Markets Group operates Open, Transparent and Connected financial marketplaces for 10,000 U.S. and global securities.
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