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. Adjourns Special Meeting of Warrantholders and Special Meeting of Stockholders
| Source: United Refining Energy Corp.
NEW YORK, NY--(Marketwire - December 10, 2009) - 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.