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March 31, 2014
19:30 EDTPSTR, CEPConstellation Energy settles PostRock litigation
Constellation Energy (CEP) announced that the PostRock (PSTR) litigation has been settled. The PostRock litigation was between CEP, certain of its current and former managers and executive officers, Constellation Energy Partners Management, a wholly owned subsidiary of PostRock Energy, Sanchez Energy and Sanchez Oil & Gas Corporation. Following the consummation of the settlement, SEPI will be the sole holder of CEPís Class A units and it is expected that by the end of 2014 CEPM will have little or no continuing ownership interest in CEP. As a result of the settlement, the Class A units acquired by SEPI in the August 2013 transaction have been returned to CEP and cancelled; CEPM transferred 100% of its CEP Class A units to SEPI and also transferred 414,938 of CEPís Class B units to SEPI in exchange for an aggregate payment of $1M; and CEP paid $6.5M to CEPM. In addition, pursuant to the terms of the settlement, CEPM agrees to sell its remaining Class B units over the next nine months, with SEPI providing up to a $5M backstop payment to CEPM to the extent the proceeds received by CEPM from such sale do not meet or exceed a specified amount. As a result of the settlement, the settling parties agree to file a stipulation seeking to lift the preliminary injunction issued on December 3, 2013 and dismiss the PostRock Litigation with prejudice.
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