(Source: PrimeNewswire)
OKLAHOMA CITY, June 3, 2009 (GLOBE NEWSWIRE) -- Quest Resource Corporation (Nasdaq:QRCP) ("QRCP") today announced the filing of its Annual Report on Form 10-K for the year ended December 31, 2008. In addition to audited, consolidated 2008 financial results, the Annual Report includes re-audited and restated financial statements for the calendar years ended 2005, 2006, and 2007. QRCP investors are encouraged to review the filing for updated financial and operating information on the Company along with descriptions of the prior period restatements. The 2008 audit and prior period re-audits were performed by the independent registered public accounting firm of UHY LLP ("UHY"), which QRCP engaged in October 2008. QRCP continues to work diligently to complete the preparation and filing of its 2008 Third Quarter Form 10-Q and 2009 First Quarter Form 10-Q. Quest management intends to host an investor update conference call after filing these Form 10-Qs along with amended Form 10-Qs for the first and second quarters of 2008.
Recombination Letter Agreement
QRCP, Quest Energy Partners, L.P. (Nasdaq:QELP) ("QELP") and Quest Midstream Partners, L.P. ("QMLP") have entered into a non-binding letter of intent pursuant to the terms of which the three companies would form a new, yet to be named, publicly traded corporation (which we refer to as "NewGasCo" in this press release) that would wholly own all three entities. NewGasCo would continue to create shareholder value through the efficient development of unconventional resource plays, including coalbed methane in the Cherokee Basin of southeast Kansas and northeast Oklahoma and the Marcellus Shale in the Appalachian Basin. The completion of a recombination is subject to the satisfaction of a number of conditions, including the entry into a definitive merger agreement, the negotiation of a new credit facility for NewGasCo, regulatory approval and the approval of the transaction by the stockholders of QRCP and the unitholders of QELP and QMLP. There can be no assurance that the definitive documentation will be agreed to or that a recombination will occur.
Election of CEO
The boards of directors of QRCP, QELP, and QMLP also announced they have unanimously elected David C. Lawler as the Chief Executive Officer of each entity. Mr. Lawler has served as the President of each entity since August 2008 and as the Chief Operating Officer of QRCP since May 2007 and as a director and Chief Operating Officer of QELP since its initial public offering in November 2007. Mr. Lawler has more than 18 years of oil and gas industry experience in various senior management and engineering positions. Prior to joining Quest, Mr.
