Form 12b-25 [As last amended in Release No. 34-35113, December 19, 1994, 59 F.R.67742.] U.S. SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 12B-25 NOTIFICATION OF LATE FILING (Check One): [ ]Form 10-K [ ]Form 20-F [ ]Form 11-K [X]Form 10-Q [ ]Form N-SAR For Period Ended: NOVEMBER 30, 1996 [ ] 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 ______________________________________________________________________ CRESTED CORP. ______________________________________________________________________ Full name of Registrant ______________________________________________________________________ Former Name if Applicable 877 NORTH 8TH WEST ______________________________________________________________________ Address of Principal Executive Office (Street and Number) RIVERTON, WY 82501 ______________________________________________________________________ City, State and Zip Code Page 1 of 3 ______________________________________________________________________ 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) (a) The reasons described in reasonable detail in Part II of this form could not be eliminated without unreasonable effort or expense; (b) The subject annual report, semi-annual report, transition report on Form 10-K, Form 20-F, 11-K or Form N-SAR, or [X] 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 portion thereof will be filed on or before the fifth calendar day following the prescribed due date; and (c) The accountant's statement or other exhibit required by Rule 12b-25(c) has been attached if applicable. ______________________________________________________________________ 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. The Registrant's only assistant controller resigned in October 1995 to move to Montana with his spouse and return to the university. His replacement was hired in November 1995 and has been in the process of learning the accounting and consolidation systems of the Registrant. However, because of lack of experience with the Registrant's systems and as well as computer software problems during the process of closing the fiscal quarter, the Registrant has been unable to compile the its financial statements in a timely manner. The Registrant's Chief Financial Officer has also had to devote most of his time recently to an audit of the Registrant's books and records by the Internal Revenue Service. The Registrant will file the Form 10-Q Report on or before January 19, 1996. Page 2 of 3 ______________________________________________________________________ Part IV - Other Information ______________________________________________________________________ (1) Name and telephone number of person to contact in regard to this notification. DANIEL P. SVILAR (307) 856-9271 (2) Have all other period 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? [ ]Yes [ X ]No If so: attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons why a reasonable estimate of the results cannot be made. CRESTED CORP. _______________________________________________________ (Name of Registrant as specified in charter) has caused this notification to be signed on its behalf by the undersigned thereunto duly authorized. Date: January 12, 1996 By: s/ Daniel P. Svilar ___________________ ____________________________________ Daniel P. Svilar, Secretary Page 3 of 3