NEW YORK, NY--(Marketwire - December 9, 2009) - United Refining Energy Corp., a publicly held
special purpose acquisition company (NYSE Amex: URX) (NYSE Amex: URX.U)
(NYSE Amex: URX.WT), today announced it has entered into an agreement to
purchase 930,743 shares of its common stock in a privately negotiated
transaction for a purchase price of $9,335,352 from a stockholder who
otherwise intended to vote against the previously announced proposed
business combination between United and Chaparral Energy, Inc. The
purchase of the shares will take place concurrently with or immediately
following the closing of the transaction with Chaparral and the purchase
will be paid for with funds that will be released from United's trust
account upon consummation of the transaction.
Pursuant to the Agreement, the holders have agreed to vote their shares in
favor of each of the stockholder proposals set forth in the definitive
proxy statement/prospectus filed by United with the Securities and Exchange
Commission on November 30, 2009.
Additional information regarding United, Chaparral and the related
transactions is available in the proxy statement/prospectus filed with the
SEC on November 30, 2009, a copy of which 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 United's securities. Any solicitation of
proxies will be made only pursuant to the proxy statement/prospectus mailed
to all United stockholders and warrant holders who held such securities as
of the record date. Interested investors and security holders are urged to
read the proxy statement/prospectus because it contains important
information about United, Chaparral and the proposals to be presented at
the Special Meeting of Stockholders and the Special Meeting of
Warrantholders.
About United Refining Energy Corp.
United 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 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, United 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 United, 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
United, 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 United 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 United'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 United 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. United, 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 in
United's proxy statement/prospectus filed on November 30, 2009. The
underwriters of United's initial public offering may provide assistance to
United, 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 United's
initial business combination, and stockholders are advised that the
underwriters have a financial interest in the successful outcome of the
proxy solicitation. United's stockholders and warrantholders are advised to
read 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. United's stockholders and warrantholders are
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 http://www.sec.gov.
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