PostRock Securities Litigation Resolved
27 Gennaio 2011 - 7:15PM
PostRock Energy Corporation (Nasdaq:PSTR)
("PostRock" or the "Company") today announced the final settlement
of all its outstanding federal and state securities and shareholder
derivative litigation. In November, the United States District
Court for the Western District of Oklahoma approved the settlement
of a series of lawsuits dating back to as early as
2008. However, before the settlement could become final,
dismissal of certain state court derivative actions was
required. An agreed order dismissing those cases was entered
yesterday, concluding the settlement process.
PostRock contributed $1.0 million toward the settlement of the
lawsuits and $0.4 million toward the associated defense costs of
certain individual defendants. The $1.4 million was recognized
prior to the end of the third quarter of 2010 and nearly all was
paid prior to year end.
Commenting on the announcement, David C Lawler, the Company's
President and CEO, said "The settlement of all securities claims
made against the Company arising out of the actions of its prior
management is a major step. While numerous challenges remain,
the elimination of these claims, in concert with our recent debt
reduction and Appalachian property sales, has freed up a
significant amount of management time that can be redirected to
enhance the efficiency and effectiveness of our core
business. We look forward to keeping you abreast of our
continued progress in the months ahead."
In September, 2010, White Deer Energy L.P., a middle-market
energy private equity fund, invested $60 million in PostRock and
the Company restructured its credit agreements. In the last 30
days, two packages of non-strategic assets in Appalachia have been
sold for approximately $40 million and certain other minor related
property interests may be sold shortly. The Company is
currently focused on optimizing its operations in the Cherokee
Basin before it begins to pursue a growth strategy based on a
combination of ongoing development and acquisitions.
PostRock is primarily 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. In addition, it owns 1,100 miles of
interstate gas pipelines in Oklahoma and Kansas.
The PostRock Energy Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7221
CONTACT: Jack Collins
Chief Financial Officer
(405) 702-7460
North Whipple
Manager, Corporate Development & Investor Relations
(405) 702-7423
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