PostRock Extends Maturity of Credit Agreement and Provides Update on Securities Litigation Settlement
12 Luglio 2010 - 1:00PM
PostRock Energy Corporation (Nasdaq:PSTR)
("PostRock" or "the Company") today announced that its wholly owned
subsidiary PostRock Energy Services Corporation ("PESC"), has
entered into an amendment to its Second Amended and Restated Credit
Agreement (the "Credit Agreement"). Under the terms of the
amendment, the maturity date and the date to fulfill the conditions
of the Credit Agreement loans that were scheduled to mature on July
11, 2010, were extended to October 9, 2010. The other terms of the
Credit Agreement, including the January 12, 2012 maturity date of
the Term Loan, were unchanged and no amendment fee was paid.
Securities Litigation Settlement
PostRock also announced that on Friday, July 9, 2010, a
stipulation of settlement was filed in the United States District
Court for the Western District of Oklahoma which, if approved by
the Court, will resolve the pending securities class actions,
first-filed derivative lawsuit, and two individual securities
actions pending against the Company and its current and former
officers and directors. The Company intends to contribute $1
million to the settlement of the lawsuits and approximately $0.4
million to resolve other potential liabilities associated with the
litigation.
About PostRock Energy Corporation
PostRock Energy Corporation is a vertically integrated
independent energy company engaged in the acquisition, exploration,
development, production and transportation of oil and natural gas
in the Cherokee Basin, the Appalachian Basin and Central Oklahoma.
PostRock has over 2,800 wells and nearly 2,200 miles of natural gas
gathering pipelines in the Cherokee Basin. The Company also owns
and operates nearly 400 natural gas and oil producing wells and
undeveloped acreage in the Appalachian Basin of the northeastern
United States and more than 1,100 miles of interstate natural gas
transmission pipelines in Oklahoma, Kansas and Missouri. For more
information, visit PostRock's website at www.pstr.com.
The PostRock Energy Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7221
Forward-Looking Statements
Opinions, forecasts, projections or statements, other than
statements of historical fact, are forward-looking statements that
involve risks and uncertainties. Forward-looking statements in this
announcement are made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Although PostRock
believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Actual results may differ
materially due to a variety of factors, some of which may not be
foreseen by PostRock. These risks and other risks are detailed in
PostRock's filings with the Securities and Exchange Commission,
including risk factors listed in PostRock's Annual Report on Form
10-K and other filings with the SEC. You can find PostRock's
filings with the SEC at www.pstr.com or www.sec.gov. By making
these forward-looking statements, PostRock undertakes no obligation
to update these statements for revisions or changes after the date
of this release.
CONTACT: PostRock Energy Corporation
North Whipple, Manager, Corporate Development and Investor
Relations
www.pstr.com
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