OKLAHOMA CITY, March 2, 2011 (GLOBE NEWSWIRE) -- PostRock Energy Corporation (Nasdaq:PSTR) ("PostRock" or the "Company") today announced its results for the fourth quarter and year ended December 31, 2010. Before turning to the results, the Company noted the following key events that took place during 2010.
- PostRock was formed out of three predecessor entities.
- White Deer Energy L.P., a private equity fund, invested $60 million in the Company.
- The Company's credit agreements were restructured.
- Certain Appalachian assets were sold for $28 million, another $11.7 million were sold in early 2011.
- Debt was reduced by $109.1 million, another $9.3 million was paid down in early 2011.
- 163 wells were completed and 292 returned to production in the Cherokee Basin.
- Proved reserves rose 80.3%, reaching 134.9 Bcfe at year-end.
- Operating costs were reduced to $2.39 a Mcfe.