PostRock Announces Additional White Deer Investment
18 Dicembre 2012 - 12:00PM
PostRock Energy Corporation ("PostRock" or the
"Company") (Nasdaq:PSTR) today announced that its Board
had approved what is expected to be a final $13 million investment
by White Deer Energy L.P. ("White Deer"). That brings White Deer's
total investment in PostRock to $92.5 million. The investment is
expected to fund on Thursday, December 20th. White Deer agreed to
acquire 4,577,464 shares of common stock at a price of $1.42 per
share, yesterday's consolidated closing bid price. Simultaneously,
White Deer agreed to purchase $6,500,000 of 12% cumulative
redeemable preferred stock and 4,577,464 warrants to purchase
common stock at a price of $1.42 a share. The specific terms of the
investment are almost identical to White Deer's August investment.
Proceeds will reduce debt.
The Company also updated the status of its hedge position. On
November 27th, PostRock monetized the last of its preexisting 2013
NYMEX gas swaps for $15.4 million. Combined with the recent
previously announced hedge monetization, a total of $30.2 million
of proceeds was realized in November. All of the proceeds were used
to reduce debt. On December 12th, the Company entered into new
natural gas swaps covering periods from April 2013 through
2016. The following table summarizes its current hedge
position.
|
2013 |
2014 |
2015 |
2016 |
Natural Gas
Hedges |
|
|
|
|
NYMEX Gas Swaps |
|
|
|
|
Volume (MMBtu) |
3,747,285 |
4,324,032 |
3,755,184 |
3,765,840 |
Weighted Average Price ($/MMBtu) |
$3.95 |
$3.95 |
$3.95 |
$3.96 |
Southern Star Basis
Swaps |
|
|
|
|
Volume (MMBtu) |
9,000,003 |
-- |
-- |
-- |
Weighted Average Price ($/MMBtu) |
($0.71) |
-- |
-- |
-- |
|
|
|
|
|
Oil Hedges |
|
|
|
|
NYMEX Oil Swaps |
|
|
|
|
Volume (Bbls) |
65,892 |
61,680 |
58,164 |
53,892 |
Weighted Average Price ($/Bbl) |
$101.70 |
$97.00 |
$93.40 |
$91.10 |
The White Deer investment and the hedging transactions have
positioned the Company to finalize a new credit facility. That
transaction is expected to close later this week.
The PostRock Energy Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7221
Forward-Looking Statements
Opinions, forecasts, projections and statements that are not
historical facts are forward-looking statements that involve risks
and uncertainties. Such statements in this announcement are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Although the Company believes that
expectations reflected in these statements are reasonable, it can
give no assurance they will prove correct. Actual results may
differ materially due to factors which may not be foreseen by
PostRock. These risks and others are detailed in the Company's
filings with the Securities and Exchange Commission, including risk
factors listed in the Annual Report on Form 10-K and other SEC
filings. These filings may be found at www.pstr.com or www.sec.gov.
In making forward-looking statements, the Company undertakes no
obligation to update these statements.
CONTACT: Company Contact:
North Whipple
Director, Finance & Investor Relations
PostRock Energy Corporation
nwhipple@pstr.com
(405) 702-7423
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