Shares in oil company Xcite Energy are under pressure after the announcement of first quarter results did little to allay fears surrounding its debt obligations that mature at the end of next month.
Xcite Energy said the Alberta Securities Commission and other regions, including British Columbia and Ontario, have confirmed the company is no longer a reporting issuer in any jurisdiction in Canada.
Xcite Energy today confirmed a raft of changes to its Bentley field development plan in a bid to improve efficiency, cost effectiveness and deliverability.
Xcite Energy said it was continuing to make progress with its Bentley field, albeit that it was taking longer than it would like due to the technical nature of the development.
