SOURCE: QR Energy

QR Energy

April 12, 2011 18:33 ET

QR Energy Delays Filing of Annual Report on Form 10-K

HOUSTON, TX--(Marketwire - Apr 12, 2011) - QR Energy, LP, a Delaware limited partnership (NYSE: QRE), announced today that it will be delaying the filing of its annual report on Form 10-K.

On March 31, 2011, QRE filed a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission (the "SEC") with regard to its Annual Report on Form 10-K for the year ended December 31, 2010. At the time of the filing, QRE anticipated and expected that it would still be in position to file its Form 10-K with the SEC within the 15 day extension period provided in Form 12b-25.

However, because of unanticipated delays in the preparation of its financial statements required to be included in Form 10-K, QRE anticipates that it will no longer be able to file its Form 10-K within the 15 day extension period. Therefore, QRE anticipates filing an amendment to its initial Form 12b-25 filing on April 13, 2011. While QRE requires additional time to complete its Form 10-K filing, QRE does not expect any material changes to the financial results provided in QRE's earnings release dated March 31, 2011.

QRE has obtained a waiver from its lenders under its credit facility for a 30-day period with regard to its covenant to provide annual audited financial statements to the administrative agent under the facility by March 31, 2011 or, in the case of a 12b-25 extension, April 15, 2011.

QRE will file its 2010 annual report on Form 10-K after its audit has been completed and the information required to be included in Form 10-K has been fully compiled, disseminated and reviewed by management and its Board of Directors.

About QR Energy, LP

QR Energy, LP is a publicly traded partnership engaged in the acquisition, production and development of onshore crude oil and natural gas properties in the United States. QR Energy is headquartered in Houston, Texas. For more information, visit QR Energy's website at www.qrenergylp.com.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws. QR Energy believes that its expectations and forecasts are based on reasonable assumptions. No assurance, however, can be given that such expectations and forecasts will prove to have been correct. A number of factors could cause actual results to differ materially from the expectations and forecasts, anticipated results or other forward-looking information expressed in this press release, including risks and uncertainties regarding future results, capital expenditures, liquidity and financial market conditions, insufficient cash from operations, adverse market conditions and governmental regulations. For a more complete list of these risk factors, please read QR Energy's filings with the Securities and Exchange Commission, which are available on QR Energy's Investor Relations website http://ir.qrenergylp.com or from the Securities and Exchange Commission website www.sec.gov.

Contact Information

  • Investor Contacts:

    Taylor B. Miele
    Investor Relations Specialist
    (713) 452-2990

    Cedric W. Burgher
    Chief Financial Officer
    (713) 452-2200