PostRock Makes Final Litigation Payment
27 Dicembre 2012 - 12:30PM
PostRock Energy Corporation
(Nasdaq:PSTR
) today announced that it had made the
final Kansas royalty settlement payment of $4.5 million. The cost
of the settlement had been fully reserved at December 31, 2011 and
is being funded with borrowings on the Company's new revolving
credit facility. PostRock expects to have approximately $58 million
utilized on its credit facility at December 31, 2012.
Terry W. Carter, PostRock's President and Chief Executive
Officer said, "We are pleased to announce that with this final
payment, we have successfully resolved the last remaining liability
from our predecessor entities. We begin 2013 with no legacy issues,
a new credit facility in place and plans for increasing shareholder
value.
"Additionally, we continue to see steady growth in oil
production as a result of our development efforts in the Cherokee
Basin and Central Oklahoma. Barring unforeseen interruptions, we
expect our fourth quarter oil sales to be at least 50% greater than
the first quarter of 2012 and expect to continue this trend in
2013. While year-end reserves are still being assessed, initial
internal analyses indicate a material increase in oil reserves
year-over-year. In mid-January we plan to provide key operational
and financial information from the fourth quarter of 2012 and a
summary of our plans for 2013."
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 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
CONTACT: Company Contact:
North Whipple
Director, Finance & Investor Relations
PostRock Energy Corporation
nwhipple@pstr.com
(405) 702-7423
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