SOURCE: United Refining Energy Corp.

United Refining Energy Corp.

December 01, 2009 14:06 ET

United Refining Energy to Present at the 2009 FBR Capital Markets Fall Investor Conference

NEW YORK, NY--(Marketwire - December 1, 2009) - United Refining Energy Corp. ("URX"), a publicly held special purpose acquisition company (NYSE Amex: URX) (NYSE Amex: URX.U) (NYSE Amex: URX.WT), announced today that the Company's Chairman and Chief Executive Officer, John Catsimatidis, will present at the 2009 FBR Capital Markets Fall Investor Conference in New York City on Wednesday, December 2nd, 2009, at 8:30 a.m. EST.

The presentation will be broadcast live over the internet by accessing and will also be available on the company's website under "presentations."

About United Refining Energy Corp.

URX 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 with one or more businesses or assets in the energy industry. The Company's initial public offering ("IPO") of units was consummated on December 11, 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, URX 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 URX, please refer to SEC filings or visit

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

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding URX, 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 URX 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 URX's proxy statement/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 URX 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. URX, Chaparral and their respective directors and officers may be deemed to be participants in the solicitation of proxies for the special meetings of URX's stockholders and warrantholders to be held to approve the proposed transactions described herein. The underwriters of URX's initial public offering may provide assistance to URX, 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 URX's initial public offering were deferred pending stockholder approval of URX's initial business combination, and stockholders are advised that the underwriters have a financial interest in the successful outcome of the proxy solicitation. URX's stockholders and warrantholders are advised to read, when available, the proxy statement/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. URX's stockholders and warrantholders will be able to obtain a copy of the proxy statement/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

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