United Refining Energy Corp. Adjourns Special Meeting of Warrantholders and Special Meeting of Stockholders
December 10 2009 - 10:19AM
Marketwired
United Refining Energy Corp. (the "Company") (NYSE Amex: URX) (NYSE
Amex: URX.U) (NYSE Amex: URX.WT) announced that the Special Meeting
of Warrantholders was convened today and immediately adjourned to
10:00 a.m. Eastern Time on Friday, December 11, 2009. In addition,
the Company announced that the Special Meeting of Stockholders was
convened today and immediately adjourned to 10:30 a.m. Eastern Time
on Friday, December 11, 2009.
Additional information regarding the Company, its proposed
acquisition of Chaparral Energy, Inc. and the related transactions
is available in the definitive proxy statement/final prospectus
filed with the Securities and Exchange Commission ("SEC") on
November 30, 2009, copies of which, together with other filings of
the Company, may be obtained without charge, at the SEC's website
at http://www.sec.gov.
Not a Proxy Statement/Prospectus
This press release is not a proxy statement/prospectus or a
solicitation of proxies from the holders of the Company's
securities. Any solicitation of proxies will be made only pursuant
to the proxy statement/prospectus mailed to all warrantholders and
stockholders who held such securities as of the record date.
Interested investors and securityholders are urged to read the
definitive proxy statement/final prospectus because it contains
important information about the Company, Chaparral and the
proposals to be presented at the Special Meeting of Warrantholders
and at the Special Meeting of Stockholders.
About United Refining Energy Corp.
The Company is a special purpose acquisition company formed in
2007 for the purpose of acquiring, through a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination, one or more businesses or assets in
the energy industry. The Company's initial public offering of units
was consummated on December 17, 2007, raising net proceeds of
approximately $464 million (which includes the proceeds of a
private placement of 15,600,000 warrants for $15.6 million to its
sponsor), of which approximately $449 million was placed in a trust
account immediately following the IPO. Each unit is composed of one
share of Company common stock and one warrant with an exercise
price of $7.00. As of November 20, 2009, the Company held
approximately $451.4 million (or approximately $10.03 per share) in
a trust account maintained by an independent trustee, which will be
released upon the consummation of the proposed transaction. For
more information on the Company, please refer to SEC filings or
visit www.urxny.com.
About Chaparral Energy, Inc.
Chaparral is an independent oil and natural gas exploitation and
production company headquartered in Oklahoma City, Oklahoma. Since
its inception in 1988, Chaparral has increased reserves and
production primarily by acquiring and enhancing properties in its
core areas of the Mid-Continent and the Permian Basin. Beginning in
2000, Chaparral expanded its geographic focus to include additional
areas of Gulf Coast, Ark-La-Tex, North Texas and the Rocky
Mountains. For more information on Chaparral please visit
www.chaparralenergy.com.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding the Company, Chaparral and the combined entity's business
after completion of the proposed transactions. Forward-looking
statements are statements that are not historical facts. Such
forward-looking statements, which are based upon the current
beliefs and expectations of the management of the Company and
Chaparral, are subject to risks and uncertainties, which could
cause actual results to differ from the forward-looking statements.
Certain factors, which are set forth in the Company's definitive
proxy statement/final prospectus mailed on November 30, 2009, could
cause actual results to differ from those set forth in the
forward-looking Statements. The information set forth herein should
be read in light of such risks. Neither the Company nor Chaparral
assumes any obligation to update the information contained in this
release.
Additional Information and Where to Find It
This press release is being made pursuant to and in compliance
with Rules 145, 165 and 425 of the Securities Act of 1933, as
amended, and does not constitute an offer of any securities for
sale or a solicitation of an offer to buy any securities. The
Company, Chaparral and their respective directors and officers may
be deemed to be participants in the solicitation of proxies for the
special meetings of United's stockholders and warrantholders to be
held to approve the proposed transactions described herein. The
underwriters of the Company's initial public offering may provide
assistance to the Company, Chaparral and their respective directors
and executive officers, and may be deemed to be participants in the
solicitation of proxies. A substantial portion of the underwriters'
fees relating to United's initial public offering were deferred
pending stockholder approval of the Company's initial business
combination, and stockholders are advised that the underwriters
have a financial interest in the successful outcome of the proxy
solicitation. The Company's stockholders and warrantholders are
advised to read the definitive proxy statement/final prospectus
filed with the SEC on November 30, 2009, as well as other documents
filed with the SEC in connection with the solicitation of proxies
for the special meetings because these documents contain important
information. The Company's stockholders and warrantholders are able
to obtain a copy of the definitive proxy statement/final
prospectus, without charge, by directing a request to: United
Refining Energy Corp., 823 Eleventh Avenue, New York, NY 10019, or
obtain a copy, without charge, at the SEC's website at
http://www.sec.gov.
Contacts: United Refining Energy Corp. Investor inquiries:
Matthew Abenante Capital Link, Inc. 212-661-7566
URX@CapitalLink.com Website: www.urxny.com Media inquiries: Gerald
McKelvey Rubenstein Associates, Inc. 212-843-8013
gmckelvey@rubenstein.com Chaparral Energy, Inc. Investor inquiries:
Joe Evans, CFO 405-478-8770 joe.evans@chaparralenergy.com Media
inquiries: Lisa Elliott DRG&E 713-529-6600
lelliott@drg-e.com
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