OKLAHOMA CITY, June 17, 2011 (GLOBE NEWSWIRE) -- PostRock Energy Corporation (Nasdaq:PSTR) ("PostRock" or the "Company") today announced that its Board has elected Terry W. Carter as Interim President and Chief Executive Officer. Mr. Carter has already begun work at the Company and will assume his titles and a seat on the Board of Directors upon Mr. Lawler's departure. He and the Board hope to make his position permanent within 60 days.
Mr. Carter brings over thirty years of industry experience to his new role. Mr. Carter began his career as a petroleum engineer for ORYX Energy, formerly Sun Exploration and Production. In the course of his more than 20 years with ORYX/Sun, he rose to become Manager of Operations in Dallas. He was then recruited to become Executive Vice President of Exploration and Production at Range Resources Corporation. While at Range, he worked closely with Mr. Edelman, the then Chairman of Range and currently one of White Deer's representatives on the PostRock Board. Subsequently, Mr. Carter was chosen as President and Chief Executive Officer of Ascent Energy, Inc., a private exploration and production company later sold to Ram Energy Resources. Since 2007, Mr. Carter has been a principal of a number of private oil and gas ventures.
Duke R. Ligon, the Chairman of PostRock's Board, commented, "We are very pleased to announce Terry's appointment as our new President and Chief Executive Officer. We believe Terry's extensive industry experience and impressive track record are an ideal fit for PostRock at this juncture in its history. With almost all of the Company's historical issues now resolved, we are finally ready to aggressively pursue a strategy of consistent growth and profitability. We look forward to Terry's leadership in that effort and to having the benefits of his broad base of experience."
PostRock Energy Corporation is engaged in the acquisition, exploration, development, production and transportation of oil and natural gas, primarily in the Cherokee Basin of Kansas and Oklahoma. The Company owns and operates over 3,000 wells and nearly 2,200 miles of gas gathering lines in the Basin. It also owns a 1,120 mile interstate natural gas pipeline, which transports natural gas from northern Oklahoma and western Kansas to Wichita and Kansas City.
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CONTACT: Jack Collins Chief Financial Officer (405) 702-7460 North Whipple Manager, Corporate Development & Investor Relations (405) 702-7423