White Deer Invests $7.5 Million in PostRock
10 February 2012 - 9:51AM
PostRock Energy Corporation (Nasdaq:PSTR)
("PostRock" or the "Company") today announced that White Deer
Energy L.P. ("White Deer") completed a $7.5 million investment in
the Company. In the transaction, White Deer acquired 2,180,233
common shares at a price of $3.44 per share.
The proceeds from the investment will be used to retire the term
loan secured by the KPC pipeline and for working capital.
Immediately following the closing, PostRock's debt, net of cash on
hand, was $184 million.
As stated in our press release dated January 19, 2012, PostRock
continues to explore strategic alternatives for the KPC pipeline.
Possible transactions include a sale or joint venture and may
involve a conversion of part of the line to crude oil service.
Proceeds from a transaction with KPC will be used to further reduce
debt and for general corporate purposes.
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 a
1,120 mile interstate natural gas pipeline, which transports
natural gas from northern Oklahoma and western Kansas to Wichita
and Kansas City.
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
nwhipple@pstr.com
(405) 702-7423
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