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Quest Energy Partners L.P. (Nasdaq:QELP) ("QELP" or "the Partnership") today announced that the Board of Directors of QELP's general partner has decided to suspend distributions on the Partnership's common units beginning with the distribution for the fourth quarter of 2008 that was scheduled to be paid in mid-February 2009. The Board suspended distributions on the subordinated units owned by Quest Resource Corporation (Nasdaq:QRCP) starting with the third quarter of 2008 distribution paid in November 2008.
The decision to suspend distributions on the Partnership's common units was based on management's recommendation and the Board's desire to ensure QELP has sufficient liquidity to properly conduct operations, maintain strategic options, and comply with the terms of its debt instruments in light of the recent declines in natural gas prices and the maturity of its second lien loan at the end of September 2009.
Under the terms of its partnership agreement, QELP's common units will carry an arrearage for the fourth quarter's minimum quarterly distribution of $0.40 per unit that must be paid before the Partnership can make distributions to its subordinated units. The Board of Directors of QELP's general partner will set future distribution rates based on the amount of cash available for distribution after taking into account the Partnership's expected liquidity requirements.
Nov 08, 2008 (The Oklahoman - McClatchy-Tribune Information Services via COMTEX) -- Quest Resource Corp. on Friday announced the creation of a joint venture involving holdings it has in Wetzel County, W.V., that are part of the Marcellus Shale natural gas field.
Quest made $6.1 million by selling about 4,500 undeveloped acres in the field, three wells in various stages of completion and existing pipelines and other equipment to an un-named company.
Future development work within the field will be paid for equally by the un-named company and Quest.
Quest, meanwhile, used about $2.2 million of the revenues from the deal to pay on $29 million of debt. Officials said another payment won't be due for about a year. Between now and then, Quest will be able to use up to another $20 million in cash proceeds from asset sales to pay for its capital expenditures and other expenses.
Any money it makes from asset sales above that amount will have to be used to help retire the existing debt, company officials said.
Still, though, officials celebrated the transaction, saying it's helping the company turn a corner.
"We believe this joint venture agreement improves our liquidity while keeping us positioned to capture the potential associated with the Marcellus Shale formation in Wetzel County," said David Lawler, Quest's president. "We continue to pursue other transactions to further improve our liquidity and generate additional funding for our development plans in the Marcellus Shale play."
To see more of The Oklahoman, or to subscribe to the newspaper, go to http://www.newsok.com. Copyright (c) 2008, The Oklahoman, Oklahoma City Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
Jack Money
Oct 18, 2008 (The Oklahoman - McClatchy-Tribune Information Services via COMTEX) -- The period since June 30 has been a tough one for many public companies, but few have had quite as messy a time as Quest Resource Corp.
Quest Resource finished 9th in the Oklahoma Inc. rankings, largely on the strength of its 67 percent revenue growth. The Oklahoma City energy company is the largest producer of natural gas in the Cherokee Basin, which is in eastern Kansas and northeastern Oklahoma.
But the company's chief executive officer, Jerry Cash, resigned in August as details emerged about his apparent misuse of $10 million in Quest Resource cash for personal purposes. The Oklahoma Securities Department has sued Cash.
Quest later fired Chief Financial Officer David Grose in connection with the misappropriated money. The company continues to work with state and federal authorities.
Cash's last big deal before his departure was acquiring property in Appalachia to expand the company's operations.
Focus on growth
The Oklahoma City energy company later disclosed that it was short of cash and credit, leaving it facing "liquidity issues that would adversely impact its future plans and results of operations."
David Lawler, who inherited the Quest Resource mantle on Cash's departure, has been left to deal with the situation. Lawler, 40, is focused on maintaining the company's record of growth.
"The past month or so has been tumultuous, but we are working hard to finish our internal investigation and return to a normal operating environment," Lawler said in a statement issued by the company. "I think everyone in our sector is feeling some impact from tighter credit markets, lower price of natural gas, and the uncertain economic outlook."
"The past month or so has been tumultuous, but we are working hard to finish our internal investigation and return to a normal
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Quest Resource Corporation's primary activity is the exploration, production, and transportation of natural gas in a 1,000 square mile region of southeastern Kansas and northeastern Oklahoma that is served by its 1,000 mile gas pipeline network.
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OKLAHOMA CITY, Jan 14, 2009 (GlobeNewswire via COMTEX) -- The boards of directors of Quest Resource Corporation (Nasdaq:QRCP) ("QRCP") and of the general partner of Quest Energy Partners, L.P. (Nasdaq:QELP) ("QELP") today announced the election of Eddie M. LeBlanc as Chief Financial Officer of the entities. LeBlanc, an experienced E&P CFO, served as Executive Vice President and Chief Financial Officer of Ascent Energy Company, an independent, private oil and gas company, from July 2003 until it was sold to RAM Energy Resources in November 2007. Before Ascent, LeBlanc served as Senior Vice President and Chief Financial Officer of Range Resources Corporation, an NYSE-listed independent, oil and gas company, from January 2000 to July 2003. LeBlanc was a founder of Interstate Natural Gas Company, which merged into Coho Energy in 1994. At Coho, he served as Senior Vice President and Chief Financial Officer until 1999. LeBlanc's 35 years of experience include assignments in Celeron Corporation and the energy related subsidiaries of Goodyear Tire and Rubber. Prior to entering the oil and gas industry, Mr. LeBlanc was with a national accounting firm. He is a certified public accountant and a chartered financial analyst, and he earned a B.S. in Business Administration from University of Southwestern Louisiana.
LeBlanc replaces Jack T. Collins, who was appointed Interim Chief Financial Officer in September 2008. Collins will continue in the role of Executive Vice President Finance/Corporate Development of the Quest entities where he will focus on the development and implementation of the organization's strategic plan and capital structure.
David C. Lawler, Quest's President, commented, "We are very pleased to be adding a CFO of Eddie's caliber. His extensive finance, accounting, capital markets, and management track record make him a strong addition to the management team and to the leadership of our accounting and finance departments. We are confident Eddie will play a significant role in our pursuits to strengthen the Quest entities."
About Quest Resource Corporation and Quest Energy Partners
Quest Resource Corp. is a fully integrated E&P company that owns: the right to develop approximately 75,000 net acres in the Appalachian Basin of the northeastern United States, including approximately 67,000 acres prospective for the Marcellus Shale; 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 Resource routinely posts important information in the "Investors" section of its website.
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 2,300 wells and is the largest producer of natural gas in the Cherokee Basin, which is located in southeast Kansas and northeast Oklahoma. The Partnership also owns natural gas and oil producing wells in the Appalachian Basin of the northeastern United States and in Seminole County, Oklahoma. For more information, visit the Quest Energy Partners website at www.qelp.net. The Partnership routinely posts important information in the "Investors" section of its website.
The Quest Resource Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5732
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Quest Resource Corp.
By Staff
CONTACT: Quest Resource Corporation Jack Collins, EVP Finance/Corporate Development (405) 702-7460 www.qrcp.net www.qelp.net
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