PostRock Closes Two Acquisitions

PostRock Energy Corporation PSTR today announced that it closed two acquisitions on November 1, 2013. The first was the previously announced acquisition of approximately 22,000 net acres of leasehold in Pottawatomie, Cleveland and McClain Counties in central Oklahoma. PostRock paid $3.4 million of cash and issued 4,516,129 shares of its common stock as consideration. In the second transaction, PostRock acquired a 50% working interest in 110 operated acres and three producing wells from one of its working interest partners in Seminole County, Oklahoma. PostRock now owns a 100% working interest in the properties. Currently, production from the three wells is approximately 20 barrels of oil per day. PostRock paid $750,000 of cash as consideration. PostRock estimates that the net proved reserves acquired total 110,000 barrels of oil, of which approximately 40% is classified developed. On that basis, acquisition cost equates to $7 per barrel of proved reserves. Commenting, Terry W. Carter, President and Chief Executive Officer of the Company, said: "As previously announced, the acquisition of properties in Pottawatomie, Cleveland and McClain Counties is an important step in our effort to add oil reserves and development opportunities in central Oklahoma. The working interest acquisition See full press release