Contact Information: 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
United Refining Energy Corp. Announces Termination of Chaparral Energy, Inc. Merger Agreement
| Source: United Refining Energy Corp.
NEW YORK, NY--(Marketwire - December 11, 2009) - United Refining Energy Corp. (the "Company")
(NYSE Amex : URX ) (NYSE Amex : URX.U ) (NYSE Amex : URX.WT ) announced that the
proposed business combination with Chaparral Energy, Inc. did not receive
the stockholder vote required for approval despite the support of the
Company's warrantholders. The warrantholder proposal was approved by more
than a majority in interest of the warrantholders. The Company will
promptly notify the trustee to begin distributing proceeds from the trust
account as soon as practicably possible.
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.
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.