Basic Earth Science Systems, Inc. announced that the company has formally changed its name to Earthstone Energy, Inc. The company will continue to trade under the symbol BSIC.
Earthstone Energy, Inc. said that the company received approval for the name change from the Financial Industry Regulatory Authority. Earthstone Energy, Inc. also applied for a change in trading symbol, but the application was declined.
The Financial Industry Regulatory Authority recently changed regulations regarding symbol changes and beginning 6/1/2010 trading symbols can only be changed in the event of a corporate merger.
The management of Earthstone Energy, Inc. was disappointed with the personnel, process and attitude of the Financial Industry Regulatory Authority. Earthstone Energy, Inc. applied for the change in symbol during March 2010, far in advance of the June deadline.
Ray Singleton, the President of Earthstone Energy, Inc., said, “Given that we submitted our initial application to FINRA in early March, we were infuriated to learn that their approval for our name change was not completed before their new policy took effect; certainly not an example of efficiency.”
Earthstone Energy, Inc. is an oil and gas exploration and production company with operations in the Williston Basin in North Dakota and Montana, and the Denver-Julesburg Basin in Colorado.
For more information on the company, go to www.earthstoneenergy.com