PostRock Finalizes New Credit Facility
20 Dicembre 2012 - 5:23PM
PostRock Energy Corporation ("PostRock" or the
"Company") (Nasdaq:PSTR) today announced that it had
secured a new four-year revolving credit facility (the "Facility").
Citibank acted as Agent, Cadence Bank, Compass Bank and OneWest
Bank as Co-Agents and Texas Capital Bank as a participant. The
Facility's initial borrowing base was set at $90 million, of which
$61.3 million was outstanding at closing, net of cash on
hand. The Facility was structured as an amendment to the
existing facility to minimize costs. In the future, if the
value of the Company's oil and gas properties justifies it, the
borrowing base under the Facility could be increased up to $200
million.
Interest on the Facility will be based on LIBOR plus 2.50% to
3.25%, depending on outstandings. The borrowing base will be
redetermined semi-annually in April and October based on the banks'
assessment of PostRock's proved oil and gas reserves. The first
borrowing base redetermination will take place in April of
2013.
The Company also completed the closing of the previously
announced $13 million investment by White Deer Energy L.P.
Management Comment
Terry W. Carter, PostRock's President and Chief Executive
Officer, said, "We are extremely pleased with the refinancing. It
is a testament to the substantial progress made over the last few
years and the growth opportunities we believe lie ahead. For the
first time in PostRock's recent history, we have a single fully
conforming debt facility and ample liquidity. This reflects a
better than 70% reduction in debt in the last 2 ½ years. The
successful refinancing could not have been accomplished without the
confidence and support of our new lenders. Just as
importantly, the willingness of our former bank group to work with
us over the past four years could not have been more appreciated.
It was a challenging period and the leadership and support of our
agent, Royal Bank of Canada, along with all of the other
participant banks was nothing short of exceptional."
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 3,000 wells and nearly
2,200 miles of gas gathering lines in the Basin. It also owns and
operates oil producing properties in central Oklahoma and oil and
gas producing properties in the Appalachian Basin.
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
Grafico Azioni PostRock Energy (CE) (USOTC:PSTRQ)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni PostRock Energy (CE) (USOTC:PSTRQ)
Storico
Da Lug 2023 a Lug 2024