PostRock Closes White Deer Investment
21 Settembre 2010 - 6:47PM
PostRock Energy Corporation (Nasdaq:PSTR)
("PostRock" or the "Company") today announced that White Deer
Energy L.P. ("White Deer") completed its previously announced $60
million investment in the Company. Simultaneously, the Company's
existing credit agreements were restructured on more favorable
terms. Thomas J. Edelman, James D. Bennett and Nathan M. Avery have
joined PostRock's Board as White Deer's representatives. White Deer
has reserved an additional $30 million to invest in PostRock on
mutually acceptable terms to fund future growth.
The proceeds from the White Deer investment were used to reduce
the Company's outstanding debt by approximately $59
million. Immediately following the closing, PostRock's debt
was $258.8 million, comprised of $200 million drawn against $225
million available under a revolving credit facility, a $15 million
term loan secured by the KPC Pipeline and a $43.8 million loan that
is non-recourse to PostRock and is secured solely by certain
Appalachian assets that are currently for
sale.
Additional information regarding the investment and the
Company's new credit agreements is available on the Company's
Current Report on Form 8-K filed with the Securities and Exchange
Commission on September 3, 2010, and the Company's Current Report
on Form 8-K that will be filed with the Securities and Exchange
Commission following this announcement.
PostRock Energy Corporation is engaged in the acquisition,
exploration, development, production and transportation of oil and
natural gas, primarily in the Cherokee Basin of Kansas and
Oklahoma. The Company owns and operates over 2,800 wells and
nearly 2,200 miles of gas gathering lines in the Basin. It
also owns 1,100 miles of interstate gas pipelines serving parts of
Oklahoma, Kansas and Missouri.
The PostRock Energy Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7221
White Deer Energy is an energy private equity fund focused on
the exploration & production, oilfield service and equipment
and midstream sectors of the oil and gas industry. With $821
million of committed capital, the Fund is a long-term investor
targeting equity investments of $50 to $120 million in 8 to 10
portfolio companies. Based in Houston and New York, White Deer
has a combination of industry expertise and capital that makes it
an exceptionally attractive partner for rapidly growing North
American energy companies.
CONTACT: PostRock Energy Corporation
Jack Collins, Chief Financial Officer
(405) 702-7460
North Whipple, Manager, Corporate Development
& Investor Relations
(405) 702-7423
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