Key Developments For Quest Energy Partners, L.P.
Quest Energy Partners, L.P. (QELP.O) (Consolidated Issue listed on NASDAQ Global Market)
Quest Resource Corp., Quest Energy Partners, L.P. and Quest Midstream Partners, L.P. Announces Definitive Merger Agreement
Quest Resource Corporation (QRCP), Quest Energy Partners, L.P. (QELP) and Quest Midstream Partners, L.P. (QMLP) have entered into a definitive merger agreement pursuant to which the three companies would recombine. The recombination would be effected by forming a new, yet to be named, publicly-traded corporation (which refer to as "NewGasCo" in this release) that, through a series of mergers and entity conversions, would wholly-own all three entities. The Agreement follows the execution of a non-binding letter of intent by the three Quest entities that was publicly announced on June 3, 2009. The Quest entities anticipate completion of the Merger before year-end, There can be no assurance that these conditions will be met or that the Merger will occur. Under the terms of the Agreement, each share of QRCP would be exchanged for 0.0575 shares of NewGasCo common stock, each common unit of QELP (other than those owned by QRCP) would be exchanged for 0.2859 shares of NewGasCo common stock, and each common unit of QMLP would be exchanged for 0.4033 shares of NewGasCo common stock. Upon completion of the Merger, the equity of NewGasCo would be owned approximately 44% by current QMLP equity holders, approximately 33% by current QELP equity holders, and approximately 23% by current QRCP equity holders. The transaction is expected to be tax free to QRCP's shareholders and taxable to the unitholders of QELP and QMLP.
Quest Energy Partners, L.P. Elects David C. Lawler As CEO-Form 8-K
Quest Energy Partners, L.P. reported in its Form 8-K that it has elected David C. Lawler as the Chief Executive Officer (CEO).
Quest Resource Corp. Announces Recombination Letter Agreement With Quest Energy Partners, L.P
Quest Resource Corp. announced the filing of its Annual Report on Form 10-K for the year ended December 31, 2008. In addition to audited, consolidated 2008, financial results, the Annual Report includes re-audited and restated financial statements for the calendar years ended 2005, 2006, and 2007. Quest Resource Corp., Quest Energy Partners, L.P. (QELP) and Quest Midstream Partners, L.P. (QMLP) have entered into a non-binding letter of intent pursuant to the terms of which the three companies would form a new, yet to be named, publicly traded corporation (which we refer to as NewGasCo in this press release) that would wholly own all three entities. NewGasCo would continue to create shareholder value through the efficient development of unconventional resource plays, including coalbed methane in the Cherokee Basin of southeast Kansas and northeast Oklahoma and the Marcellus Shale in the Appalachian Basin.
Quest Energy Partners, L.P. Suspends Quarterly Distribution On Common Units
Quest Energy Partners, L.P. announced that the Board of Directors 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 starting with the third quarter of 2008 distribution paid in November 2008.
Quest Resource Corp. Elects Jack T. Collins As Chief Financial Officer
The Boards of Directors of Quest Resource Corp. and of the general partner of Quest Energy Partners, L.P. announced the election of Eddie M. LeBlanc as Chief Financial Officer (CFO) of the entities. 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.
