PostRock Finalizes CEP Settlement
01 Aprile 2014 - 2:55AM
PostRock Energy Corporation (Nasdaq:PSTR) today
announced that a full and final settlement of its suit against
Constellation Energy Partners, LLC ("CEP") and Sanchez Energy
Partners I, LP ("SEPI") et al. had been reached. As previously
reported, PostRock expects to recover a target of $21.6 million. An
initial payment of approximately $8.3 million for all of PostRock's
A Units and a small percentage of its B Units should be received
from CEP and SEPI later this week. Subsequently, PostRock's
remaining B Units will be disposed of in orderly blocks and other
market transactions. PostRock hopes to conclude the sale of all its
CEP units before the end of 2014.
PostRock Energy Corporation is engaged in the acquisition,
exploration, development, production and gathering of crude oil and
natural gas. Its primary production activity is focused in the
Cherokee Basin, a 15-county region in southeastern Kansas and
northeastern Oklahoma, and Central Oklahoma. The Company owns and
operates over 3,000 wells and maintains nearly 2,200 miles of gas
gathering lines in the Basin. It also owns and operates minor oil
and gas producing properties in the Appalachian Basin.
Forward-Looking Statements
Opinions, forecasts, projections or statements, other than
statements of historical fact, are forward-looking statements that
involve risks and uncertainties. Forward-looking 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 the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
such expectations will prove correct. Actual results may differ
materially due to a variety of factors, some of which may not be
foreseen. These risks and other risks 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 filings.
The Company's SEC filings may be found at www.pstr.com or
www.sec.gov. By making these forward-looking statements, the
Company undertakes no obligation to update these statements for
revisions or changes.
CONTACT: Company Contact:
Stephen L. DeGiusti
EVP, General Counsel & Secretary
sdegiusti@pstr.com
(405) 702-7420
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