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U.S.
SECURITIES AND EXCHANGE COMMISSION
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WASHINGTON,
D.C. 20549
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SEC
File Number
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FORM
12b-25
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000-08773
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CUSIP
Number
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NOTIFICATION
OF LATE FILING
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226120103
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(Check
One):
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(Check
One)
[X]
Form 10-K and Form 10-KSB [ ]Form 20-F [ ] Form 11-K [X] Form 10-Q and
10-QSB
[
]Form
N-SAR [ ] Form N-CSR
For
Period Ended: December 31, 2006
[
]
Transition Report on Form 10-K
[
]
Transition Report on Form 20-F
[
]
Transition Report on Form 11-K
[
]
Transition Report on Form 10-Q
[
]
Transition Report on Form N-SAR
For
the
Transition Period Ended:
Read
Attached Instruction Sheet Before Preparing Form. Please Print or
Type.
Nothing
in this form shall be construed to imply that the Commission has verified
any
information contained herein.
If
the
notification relates to a portion of the filing checked above, identify the
Items(s) to which the notification relates:
Part
I - Registrant Information
Full
name
of Registrant:
Crested
Corp.
Former
Name if Applicable: N/A
Address
of Principal Executive Office (Street and Number): 877 N. 8th
W.
City,
State and Zip Code: Riverton, Wyoming 82501
Part
II - Rules 12b-25(b) and (c)
If
the
subject report could not be filed without unreasonable effort or expense
and the
registrant seeks relief pursuant to Rule 12b-25(b), the following should
be
completed. (Check box if appropriate)
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(a)
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The
reasons described in reasonable detail in Part III of this form
could not
be eliminated without unreasonable effort or expense;
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X
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(b)
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The
subject annual report, semi-annual report, transition report on
Form 10-K,
Form 20-F, 11-K, Form N-SAR, or Form N-CSR, or portion thereof,
will be
filed on or before the fifteenth calendar day following the prescribed
due
date; or the subject quarterly report or transition report on Form
10-Q,
or subject distribution report on Form 10-D, or portion thereof,
will be
filed on or before the fifth calendar day following the prescribed
due
date; and
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(c)
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The
accountant's statement or other exhibit required by Rule 12b-25(c)
has
been attached if applicable.
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Part
III - Narrative
State
below in reasonable detail the reasons why Form 10-K, 20-F, 11-K, 10-Q, N-SAR
or
the transition report or portion thereof, could not be filed within the
prescribed time period.
On
February 7, 2007, the registrant appointed Moss Adams, LLP as the new audit
firm
for the year ended December 31, 2006. The former firm (Epstein, Weber &
Conover, PLC) merged into Moss Adams and the partners of Epstein Weber Conover,
PLC became partners of Moss Adams, LLP. Partly due to transition matters
associated with that change, the audit report has not been issued as of April
2,
2007.
Part
IV - Other Information
(1) Name
and
telephone number of person to contact in regard to this notification. Stephen
E.
Rounds, Attorney, 303.377.6997.
(2) Have
all
other periodic reports required under section 13 or 15(d)of the Securities
Exchange Act of 1934 or section 30 of the Investment Company Act of 1940
during
the preceding 12 months or for such shorter period that the registrant was
required to file such report(s) been filed? If the answer is no, identify
reports(s).
[X]Yes
[
]No
(3) Is
it
anticipated that any significant change in results of operations from the
corresponding period for the last fiscal year will be reflected by the earnings
statements to be included in the subject report or portion thereof?
[X]Yes
[
]No
Prior
to
the recognition of a deferred income tax benefit of $7,355,800 and a current
income tax benefit of $100,000, the registrant recorded a net loss of $3,782,900
for the twelve months ended December 31, 2006 as compared to net income before
income taxes of $4,641,400 during the year ended December 31, 2005. After
the
recognition of tax benefits, net income for the twelve months ended December
31,
2006 was $3,850,900 or $0.22 per diluted share as compared to earnings of
$4,541,400 or $0.26 per diluted share for the year ended December 31, 2005.
The
major reason for the change in earnings was a reduction of $2,021,900 in
the
gain on sale of investments in the form of marketable securities of Enterra
Energy Trust. Additionally the Company recorded litigation settlement expense
with Phelps Dodge relating to the Lucky Jack molybdenum property in the amount
of $3,500,000 during the year ended December 31, 2006. These reductions in
net
income were partially offset by a gain on the sale of the Company’s equity
position in U.S. Energy Corp. of $2,023,800. Lastly due to management’s belief
that the sale of its interest in uranium properties to sxr Uranium One is
more
than likely to occur, the Company recognized a benefit from income taxes
of
$7,633,800 pursuant to SFAS 109.
Crested
Corp. has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
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Date:
April 3, 2007
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By:
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/s/
Robert Scott Lorimer
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Robert
Scott Lorimer, CFO
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