PostRock Finalizes CEP Settlement
OKLAHOMA CITY, March 31, 2014 (GLOBE NEWSWIRE) -- 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.
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
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