Profile: PostRock Energy Corp (PSTR.O)
26 May 2015
PostRock Energy Corporation (PostRock), incorporated on July 1, 2009 is an integrated independent energy company engaged in the acquisition, exploration, development, production and transportation of oil and natural gas. PostRock divides its operations into two reportable business segments: oil and natural gas production, and natural gas pipelines, including transporting, gathering, treating and processing natural gas. On November 1, 2013, the Company acquired approximately 22,000 net acres of leasehold in Pottawatomie, Cleveland and McClain Counties in central Oklahoma, and a 50% working interest in 110 operated acres and three producing wells from one of its working interest partners in Seminole County, Oklahoma.
The company’s primary production activity is focused in the Cherokee Basin, a 15-county region in southeastern Kansas and northeastern Oklahoma. The company also has minor oil and gas producing properties in the Appalachian Basin. Its Cherokee Basin and Central Oklahoma properties comprise MidContinent area of operations. As of December 31, 2013, the company’s total assets consisted of 3,239 gross and 3,184 net wells capable of production. These wells are on approximately 361,400 net acres of leasehold, classified as developed, while it also has approximately 100,300 net acres classified as undeveloped.
As of December 31, 2013, the company’s proved reserves included 86.6 billion cubic feet of natural gas and 4.4 million barrels of oil of oil for a total of 113.0 billion cubic feet. As of December 31, 2013, the company’s Central Oklahoma oil assets consisted of 65 gross and 47 net wells capable of production. These wells are on approximately 10,300 net acres of leasehold, classified as developed. In addition, the company has approximately 24,000 net acres classified as undeveloped in the region. As of December 31, 2013, the company’s Appalachian Basin assets consisted of 407 gross and 380 net wells capable of production. These wells are on approximately 8,900 net acres of leasehold, classified as developed. In addition, the company has approximately 23,200 net acres classified as undeveloped in the region.
The company also has a 141.1 mile gathering system in the Appalachian Basin. All of its gas produced in the area is transported by this system. Properties The company produces conventional oil in addition to coal bed methane gas out of its properties in the Cherokee Basin, which is situated between the Forest City Basin to the north, the Arkoma Basin to the south, the Ozark Dome to the east, and the Nemaha Ridge to the west.
The principal gas formations targeted include the Mulky, the Weir-Pittsburgh, and the Riverton. The company’s primary area of operation in the Appalachian Basin is West Virginia, where its producing formations range in depth from 1,500 feet to approximately 6,500 feet. Its major production formations are the lower Devonian Marcellus Shale, the shallow Mississippian (Big Injun, Maxton, Berea, Pocono, and Big Lime) and the Upper Devonian (Riley, Benson, Java, Alexander, Elk, Cashaqua, Middlesex, West River and Genesee, including the Huron Shale member and Rhinestreet Shales). In June 2014, PostRock Energy Corporation announced that it has entered into a joint venture with Silver Creek Oil & Gas, LLC covering approximately 17,900 gross acres in Cleveland and Pottawatomie Counties in central Oklahoma.
PostRock Energy Corp
210 Park Ave Ste 2750
OKLAHOMA CITY OK 73102-5641