PostRock Acquires Central Oklahoma Leasehold
31 Maggio 2013 - 12:01AM
PostRock Energy Corporation (Nasdaq:PSTR) today
announced that it had acquired approximately 4,300 net acres of
leasehold in northern Lincoln and southern Payne Counties,
Oklahoma. The acreage is believed prospective for oil from the
Mississippian and Woodford formations. PostRock paid $1.7 million
of cash and issued 126,602 shares of its common stock as
consideration. The cash was funded with borrowings under the
Company's bank revolver.
Terry W. Carter, PostRock's President and Chief Executive
Officer, said, "We are very pleased to have completed this
acquisition. Coupled with ongoing leasing activity, our leasehold
in Central Oklahoma now approximates 8,100 acres. Though our
position in the area remains modest, we have increased it five-fold
since year-end. Our first horizontal well in Central Oklahoma
should spud within 45 days and our first horizontal well on the
acquired land should spud within six months. In addition, we expect
to participate as a small working interest owner in 3 to 5 other
wells beginning as soon as this summer under Oklahoma's normal
pooling process. If initial drilling proves successful, we would
expect to continue expanding our acreage holdings in Central
Oklahoma."
PostRock Energy Corporation is engaged in the acquisition,
exploration, development and production 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 minor oil and gas
producing properties in the Appalachian Basin.
CONTACT: Company Contact:
David J. Klvac
EVP & Chief Financial Officer
dklvac@pstr.com
(405) 815-4304
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