Quest Resource Provides Guidance and New Ventures Update
20 Dezember 2007 - 1:00PM
Marketwired
OKLAHOMA CITY, OK today announced that the corporation expects
to receive $23 million to $25 million in combined distributions
from Quest Energy Partners, L.P. (NASDAQ: QELP) and Quest Midstream
Partners, L.P. in 2008. Quest owns 100% of the general partner and
a 57% limited partner interest in Quest Energy Partners and 85% of
the general partner and a 36% limited partner interest in Quest
Midstream Partners.
This estimate reflects the indicated initial annual distribution
rate of $1.60 per unit for Quest Energy Partners and the remainder
from Quest Midstream. The guidance does not take into account the
impact of Quest's planned merger with Pinnacle Gas Resources, Inc.
(NASDAQ: PINN) or any potential transfers of assets to either
partnership following the close of the merger.
New Ventures Update
Quest also announced that its New Ventures group has acquired
oil and gas rights to approximately 22,300 net acres in
southwestern Pennsylvania that it believes are prospective for the
Marcellus Shale. Quest recently completed drilling of the first
vertical well on the acreage and expects to have the well completed
and tested by the middle of the first quarter of 2008. Quest
expects to drill additional wells on the acreage in 2008. The New
Ventures group is pursuing other opportunities to utilize their
technical expertise to create value for Quest Resource shareholders
and currently plans to spend $2 million to $3 million on the
drilling and completion of wells in Pennsylvania and other areas in
2008.
About Quest Resource Corporation
Quest Resource Corp. is a fully integrated E&P company that
owns 100% of the general partner and a 57% limited partner interest
in Quest Energy Partners, L.P. (NASDAQ: QELP) and 85% of the
general partner and a 36% limited partner interest in Quest
Midstream Partners, L.P. Quest Resource 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.
Quest Energy Partners, L.P. was formed by Quest Resource Corp.
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
Corp. 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. For more information, visit the Quest
Midstream Partners website at www.qmlp.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 approval of the merger with Pinnacle Gas Resources
by the shareholders of Quest and Pinnacle, 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
corporation'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 www.qrcp.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.
Add to Digg Bookmark with del.icio.us Add to Newsvine
Company Contact: Jack Collins Investor Relations Phone: (405)
702-7460 Website: www.qrcp.net
Quest Resource (MM) (NASDAQ:QRCP)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Quest Resource (MM) (NASDAQ:QRCP)
Historical Stock Chart
Von Jul 2023 bis Jul 2024