Quest Resource Closes Acquisition of KPC Pipeline
01 November 2007 - 9:05PM
PR Newswire (US)
OKLAHOMA CITY, Nov. 1 /PRNewswire-FirstCall/ -- Quest Resource
Corporation (NASDAQ:QRCP) announced today that its Houston
affiliate, Quest Midstream Partners, L.P., has successfully
completed its previously announced acquisition of the KPC Pipeline
system from Enbridge Energy Partners, L.P. for a purchase price of
$133 million in cash, subject to a working capital adjustment. The
assets, located in Oklahoma, Kansas and Missouri, include
approximately 1,100 miles of interstate gas transmission pipelines
along with approximately 15,000 horsepower of compression primarily
serving end users in the Kansas City and Wichita markets. Quest
Midstream Partners, L.P. also closed today a $75 million private
placement of common units to a group of third party investors led
by Alerian Capital Management, LLC. RBC Capital Markets acted as
placement agent for Quest Midstream Partners in this transaction.
The proceeds from this private placement, together with funds
available under a new revolving credit facility arranged by RBC
Capital Markets, fully funded the purchase price of the
acquisition. The common units have not been registered under the
Securities Act of 1933 and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements. About Quest Resource Corporation Quest
Resource is the largest producer of natural gas in the Cherokee
Basin, which is located in southeast Kansas and northeast Oklahoma.
The Company is a fully integrated E&P company, operating more
than 1,900 producing wells which produce into its controlled 1,800+
mile gathering pipeline system, and utilizes its own fleet of
completion equipment to meet its drilling and completion program.
Quest currently has more than 2,200 locations in its drilling
inventory. For more information, visit the Quest Resource website
at http://www.qrcp.net/. Forward-Looking Statements Opinions,
forecasts, projections or statements other than statements of
historical fact, are forward-looking statements that involve risks
and uncertainties. Forward-looking statements in this announcement
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Although Quest believes
that the expectations reflected in such forward-looking 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, including without limitation: the
uncertainty involved in exploring for and developing new natural
gas reserves, the sale prices of natural gas and oil, labor and raw
material costs, the availability of sufficient capital resources to
carry out the Company's anticipated level of new well development
and construction of related pipelines, environmental issues,
weather conditions, competition, general market conditions, and
other risks detailed in Quest's filings with the Securities and
Exchange Commission. You can find Quest's filings with the
Securities and Exchange Commission at http://www.qrcp.net/ or at
http://www.sec.gov/. By making these forward-looking statements,
Quest undertakes no obligation to update these statements for
revisions or changes after the date of this release. DATASOURCE:
Quest Resource Corporation CONTACT: Jerry D. Cash, Chairman and
Chief Executive Officer, or David E. Grose, Chief Financial
Officer, both of Quest Resource Corporation, +1-405- 488-1304 Web
site: http://www.qrcp.net/
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