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Alberta-based explorer Sonde Resources is almost out of cash with no relief in sight and may see its common stock delisted from all exchanges.

The company said Thursday that its capital resources have been “significantly depleted” since June, with current cash and cash equivalents standing at $300,000.

Sonde said it no longer generates cash flow from petroleum and natural gas sales and no longer has a credit facility.

Strategic funding alternatives are being discussed but have not “resulted in a transaction that would satisfy its significant financial commitments.”

There is a “significant likelihood” that the company will exhaust its working capital prior to the execution of new financing, farm-outs or property dispositions, Sonde said.

The company’s current net assets less liabilities is about negative $300,000.

Sonde has been unable to prepare its third quarter report and expects a cease trade order to be issued by Canadian securities regulators.

A cease trade order could lead to Sonde’s common stock being delisted from all exchanges.

Sonde is also on the hook for a $15 million letter of credit issued to Joint Oil, the Tunisia-Libya offshore authority, that guarantees Sonde’s obligation to drill the Fisal-1 well by November 30.

If Sonde does not drill the well by the deadline Joint Oil can draw the promised funds to satisfy the penalty.

Sonde stands to lose its contract all together if it can’t drill two additional wells by December 23 and December 25.

The Joint Oil Block is a 768,000 acre license, equally contributed by Tunisia and Libya, about 62 miles offshore in water depths averaging 312 feet.