Quest Energy Partners, L.P. Announces 2008 Capital Budget and Distribution Outlook
14 Dezember 2007 - 1:00PM
Marketwired
OKLAHOMA CITY, OK announced its Board of Directors approved a
capital spending budget of $78 million for 2008. The 2008 capital
budget provides funding for various activities including the
drilling of 325 wells, new acreage additions in the Cherokee Basin,
and equipment purchases. Quest plans to fund the budget with
internally generated cash flow and borrowings under its revolving
credit facility.
Quest also affirmed an initial annual distribution rate of $1.60
per unit. Due to the timing of Quest's initial public offering, the
fourth quarter distribution should be slightly more than half of
the indicated quarterly rate and be paid in mid-February. "Based on
the expected production gains from our 548-well 2007 drilling
program and our 325-well 2008 program, we are well positioned to
generate internal distribution growth," Quest Chairman, President,
and CEO Jerry Cash said. "In addition, we continue to seek external
opportunities to deliver on our objective of maintaining and
growing unit holder distributions."
About Quest Energy Partners, L.P.
Quest Energy Partners, L.P. was formed by Quest Resource
Corporation (NASDAQ: QRCP) to acquire, exploit and develop natural
gas and oil properties and to acquire, own, and operate related
assets. The Partnership owns more than 2,000 wells and is the
largest producer of natural gas in the Cherokee Basin, which is
located in southeast Kansas and northeast Oklahoma and holds a
drilling inventory of nearly 2,300 locations. For more information,
visit the Quest Energy Partners website at www.qelp.net.
Quest Midstream Partners, L.P. was formed by Quest Resource
Corporation to acquire and develop transmission and gathering
assets in the midstream natural gas and oil industry. The
partnership owns more than 1,800 miles of natural gas gathering
pipelines and over 1,100 miles of interstate natural gas
transmission pipelines in and around the Cherokee Basin of
southeast Kansas and northeast Oklahoma. For more information,
visit the Quest Midstream Partners website at www.qmlp.net.
Quest Resource Corporation is a fully integrated E&P company
that owns 100% of the general partner and 57% of the limited
partner interests in Quest Energy Partners, L.P. and 85% of the
general partner and 36% of the limited partner interests in Quest
Midstream Partners, L.P. Quest Resource Corporation operates and
controls Quest Energy Partners and Quest Midstream Partners through
its ownership of their general partners. For more information,
visit the Quest Resource website at 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 Partnership's
anticipated level of new well development and Quest Midstream's
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 www.qelp.net or at 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.
Company Contact: Jack Collins Investor Relations Phone: (405)
702-7460 Website: www.qelp.net
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