SOURCE: Quest Energy Partners, L.P.

November 25, 2008 06:30 ET

Quest Energy Partners Receives Nasdaq Non-Compliance Notice

OKLAHOMA CITY, OK--(Marketwire - November 25, 2008) - Quest Energy Partners L.P. (NASDAQ: QELP) ("QELP" or "the Partnership") today announced that it has received a notice from the Nasdaq Stock Market, dated November 19, 2008, indicating that because the Partnership has not yet filed its Form 10-Q for the period ended September 30, 2008, that under Marketplace Rule 4310(c)(14) it is no longer in compliance with the rules for continued listing on the exchange.

The notice further stated that Nasdaq rules permit the Partnership to submit a plan to regain compliance by no later than January 20, 2009, or within 60 calendar days. Following a review of this plan, Nasdaq staff can grant QELP an exception, up to 180 calendar days from the due date of the 10-Q, or until May 13, 2009, to regain compliance. QELP intends to timely submit a plan to Nasdaq and to execute on that plan to be back in compliance within the exception period.

In determining whether to grant the exception, Nasdaq staff will consider QELP's: specific circumstances, including the likelihood that the 10-Q can be filed within the exception period; past compliance history; reasons for the late filing; partnership events that may occur within the exception period; general financial status; and disclosures to the market.

If Nasdaq staff determines that it is not appropriate to provide the Partnership with an exception, it will provide written notice that the Partnership's securities will be delisted. At that time, QELP may appeal the decision to a Nasdaq Listing Qualifications Panel.

About Quest Energy Partners, L.P.

Quest Energy Partners, L.P. was formed by Quest Resource Corporation (NASDAQ: QRCP) to acquire, exploit and develop natural gas and oil properties and to acquire, own, and operate related assets. The Partnership owns more than 2,300 wells and is the largest producer of natural gas in the Cherokee Basin, which is located in southeast Kansas and northeast Oklahoma and holds a drilling inventory of nearly 2,100 locations in the Basin. The Partnership also owns natural gas and oil producing wells in the Appalachian Basin of the northeastern United States and in Seminole County, Oklahoma. For more information, visit the Quest Energy Partners website at www.qelp.net. The Partnership routinely posts important information in the "Investors" section of its website.

Forward-Looking Statements

Opinions, forecasts, projections or statements other than statements of historical fact, are forward-looking statements that involve risks and uncertainties. Forward-looking statements in this announcement, including the submission of a plan to regain compliance with Nasdaq listing requirements, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although QELP believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. In particular, the forward looking statements made in this release are based upon a number of financial and operating assumptions that are subject to a number of risks, including the results of QELP's ongoing internal investigation into the questionable transfers by QELP's former CEO, the ongoing worldwide crisis in the capital markets, uncertainty involved in exploring for and developing new natural gas reserves, the sale prices of natural gas and oil, labor and raw material costs, the availability of sufficient capital resources to carry out the anticipated level of new well development and construction of related pipelines, environmental issues, weather conditions, competition and general market conditions. Actual results may differ materially due to a variety of factors, some of which may not be foreseen by QELP. These risks, and other risks are detailed in QELP's filings with the Securities and Exchange Commission, including risk factors listed in their latest annual reports on Form 10-K and other filings with the Securities and Exchange Commission. You can find QELP's filings with the Securities and Exchange Commission at www.qelp.net or at www.sec.gov. By making these forward-looking statements, QELP undertakes no obligation to update these statements for revisions or changes after the date of this release.

Contact Information

  • Company Contact:
    Jack Collins
    Interim CFO
    Phone: (405) 702-7460
    Website: www.qelp.net