June 18, 2009
The Securities and Exchange Commission announced the temporary suspension, pursuant to Section 12(k) of the Securities Exchange Act of 1934 (the “Exchange Act”), of trading of the securities of Petro America Corp. (“Petro America”) (trading symbol: PTRZ), of Kansas City, Kansas, and Kansas City, Missouri, at 9:30 a.m. EDT on June 18, 2009, and terminating at 11:59 p.m. EDT on July 1, 2009.
The Commission temporarily suspended trading in the securities of Petro America because of questions regarding the accuracy and adequacy of assertions by Petro America concerning, among other things, the company’s business operations and assets, including regarding its purported oil trading and storage business and holdings, its purported millions of dollars in assets, and its securities issued and outstanding.
The Commission cautions brokers, dealers, shareholders, and prospective purchasers that they should carefully consider the foregoing information along with all other currently available information and any information subsequently issued by the company.
Further, brokers and dealers should be alert to the fact that, pursuant to Rule 15c2-11 under the Exchange Act, at the termination of the trading suspension, no quotation may be entered unless and until they have strictly complied with all of the provisions of the rule. If any broker or dealer has any questions as to whether or not he has complied with the rule, he should not enter any quotation but immediately contact the staff in the Division of Trading and Markets, Office of Interpretation and Guidance, at (202) 551-5777. If any broker or dealer is uncertain as to what is required by Rule 15c2-11, he should refrain from entering quotations relating to Petro America’s securities until such time as he has familiarized himself with the rule and is certain that all of its provisions have been met. If any broker or dealer enters any quotation which is in violation of the rule, the Commission will consider the need for prompt enforcement action.
If any broker, dealer or other person has any information which may relate to this matter, the Fort Worth Regional Office of the Securities and Exchange Commission should be telephoned at (817) 978-3821.