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April 8, 2013
18:34 EDTPSTRPostRock Energy provides operational update for Q1
PostRock Energy provided an update on its production and capital projects for the first quarter. During the quarter, approximately $9M was spent on development. Net oil sales during the quarter averaged slightly more than 360 Bbls a day, a 77% increase from the first quarter of 2012. At March 31st, net oil production exceeded 500 Bbls per day. Net gas sales during the period declined 13% from the prior year to an average of 41.3 MMcf per day. The decline in gas production was due to suspension of development spending on gas projects since September 2011 due to low prices. The gas production decline was amplified by challenging weather during the first quarter. Based on PostRock's first quarter 27:1 realized price equivalency ratio of oil to natural gas, production in the first quarter increased very slightly from the fourth quarter of 2012. If the projects described below continue to be successful, a more meaningful rate of increase should be achieved as the year progresses. During the first quarter, the company placed 55 new wells and 42 recompletions on production. Two recompletions were located in Central Oklahoma with the other projects all being in the Cherokee Basin. While project returns vary, overall, IRR's at the lease level are expected to range from 30% -50%. Based on current oil prices and the high success rate on these projects, we expect to drill an additional 150 oil wells and recomplete 20 additional wells in the Cherokee Basin during the remainder of 2013. PostRock also recently initiated a modest leasing program in Central Oklahoma, where the company currently holds approximately 2,500 net acres. While the leasehold position is modest, the area represented the majority of the company's year-end 2012 SEC oil reserves. PostRock expects to begin its 2013 Central Oklahoma drilling program during the third quarter. In total, the company plans to drill six wells, including two horizontal wells, in Central Oklahoma during the remainder of 2013. The wells will focus on currently producing horizons; however, we hope to test a prospective horizon that does not produce locally but that has been successfully developed elsewhere in the state.
News For PSTR From The Last 14 Days
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September 1, 2015
09:10 EDTPSTRPostRock Energy appoints Clark Edwards as interim president and CEO
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August 31, 2015
17:03 EDTPSTRPostRock Energy announces Nasdaq notice of delisting
PostRock Energy announced that on August 25, the company received a notice from The Nasdaq Stock Market that, for the last 30 consecutive business days, PostRock's market value of publicly held shares was below $5M and that PostRock therefore is not in compliance with the market value of publicly held shares pertaining to the requirement set forth in NASDAQ Listing Rule 5450(b)(1)(C). The Nasdaq Listing Rules define "publicly held shares" as total shares outstanding, less any shares held directly or indirectly by officers, directors or a beneficial owner of more than 10% of the total outstanding shares. Furthermore, on August 28, PostRock received another notice from Nasdaq stating that the staff of the Nasdaq has determined that PostRock's securities will be delisted from NASDAQ. The letter states that the delisting notice was issued as a result of PostRock's announcement in its press release dated August 19 that it will not be seeking to file a compliance plan with respect to its failure to satisfy Nasdaq's Listing Rule 5450(b)(1)(a), in addition to PostRock's confirmation on August 27 that it did not intend to voluntarily withdraw its Nasdaq listing. PostRock does not intend to request an appeal of this determination. As a result, trading of PostRock's common stock will be suspended at the opening of business on September 9 and a Form 25-NSE will be filed with the SEC, which will remove PostRock's securities from listing and registration on The Nasdaq Global Market. After trading is suspended on the Nasdaq, PostRock's securities will be immediately eligible for trading on the OTC Bulletin Board or the OTC Pink Marketplace, but only if a market maker applies successfully to quote the securities. There can be no assurance that any market maker will decide to quote PostRock's securities following suspension of trading. As a result, there is no assurance that PostRock's securities will be eligible to trade on the OTCBB or the Pink Sheets.

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