OKLAHOMA CITY, Oct. 4, 2010 (GLOBE NEWSWIRE) -- PostRock Energy Corporation (Nasdaq:PSTR) ("PostRock" or the "Company") today announced that Duke R. Ligon has been elected Chairman of the Board of Directors, succeeding Gary M. Pittman. Mr. Pittman will remain on the Board as a Director. Mr. Ligon has served as a Director of PostRock since its formation in March 2010 and previously served on the Board of one of PostRock's predecessor entities as Chairman and Director since 2006.
Mr. Ligon has more than 40 years of legal expertise in corporate securities, litigation, governmental affairs and mergers and acquisitions. He is an attorney and served as senior vice president and general counsel of Devon Energy Corporation from January 1997 until he retired in February 2007. Since his retirement in 2007, Mr. Ligon has been a strategic legal advisor to Love's Travel Stops & Country Stores, Inc. and currently is the legal advisor at Panhandle Oil and Gas. Prior to joining Devon, he practiced law for 12 years and last served as a partner at the law firm of Mayer, Brown & Platt in New York City. In addition, he was Senior Vice President and Managing Director for Investment Banking at Bankers Trust Co. in New York City for 10 years. He is also on the Board of Panhandle Oil and Gas, Chairman of the Board of Blue Knight Energy Partners, Chairman of the Board of SteelPath MLP Funds, member of the Board of SteelPath Energy Infrastructure Investment Company, Chairman of the Board of Security State Bank, member of the Board of Heritage Trust Company, and member of the Board and the Advisory Committee of Pre-Paid Legal Services, Inc. Mr. Ligon received an undergraduate degree in chemistry from Westminster College and a law degree from the University of Texas School of Law.
David C. Lawler, President and CEO of PostRock commented, "We are pleased to announce the election of Duke Ligon to Chairman of the Board of Directors. Duke brings over 40 years of experience in the energy industry and has served as a key member of the Board since 2006. His selection is to help position the Company for enhanced operational focus and long term growth and we look forward to his continued leadership and dedication in his new role. We would also like to thank Gary Pittman for his service as Chairman and continued contribution as a Director."
PostRock Energy Corporation is engaged in the acquisition, exploration, development, production and transportation of oil and natural gas, primarily in the Cherokee Basin of Kansas and Oklahoma. The Company owns and operates over 2,800 wells and nearly 2,200 miles of gas gathering lines in the Basin. It also owns 1,100 miles of interstate gas pipelines serving parts of Oklahoma, Kansas and Missouri.
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Opinions, forecasts, projections or statements, other than statements of historical fact, are forward-looking statements that involve risks and uncertainties. The forward-looking statements herein are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although PostRock believes that the expectations reflected in such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Actual results may differ materially due to a variety of factors, some of which may not be foreseen by PostRock. These and other risks are detailed in PostRock's filings with the Securities and Exchange Commission, which can be found at www.pstr.com or www.sec.gov. PostRock undertakes no obligation to update or revise these forward-looking statements.