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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (2211)	12/7/2009 4:40:34 PM
From: Glenn Petersen	Read Replies (1) \| Respond to of 3862

The shareholders of United Refining Energy (stock symbol: [t]URX[/t]) are scheduled to vote on December 10 on the company's proposed acquisition of Chaparral Energy. It will take the vote of 40% of the company's shareholders to kill the deal. Both the common shares and warrants are signaling that the transaction will be approved. The common shares closed the day at $9.65, a $.40 discount from the liquidation value of $10.05. The warrants closed at $.44, up $.06 for the day. The insiders have made arrangements to purchase approximately 5.5 million of the shares that would have been voted against the approval of the transaction. United Refining Energy Announces $55 Million Insider Share Acquisition Press Release Source: United Refining Energy Corp. On 1:59 pm EST, Monday December 7, 2009 NEW YORK, Dec. 7 /PRNewswire-FirstCall/ -- United Refining Energy Corp. ("URX"), a publicly held special purpose acquisition company (NYSE Amex: URX; Units: URX.U; Warrants: URX.WT), announced that its sponsor, United Refining, Inc., together with all of the stockholders of Chaparral Energy, Inc., including Mark A. Fischer, Chesapeake Energy Corporation and Altoma Energy, LLC, have agreed to purchase approximately $55 million of URX common stock (approximately 5.5 million shares) from certain URX institutional investors. These purchases are being made in privately negotiated transactions with a limited number of institutional investors with whom URX, Chaparral or their advisors have had conversations prior to December 7, 2009. Investors who were not previously known to the Company and did not participate in those discussions prior to December 7, 2009 will not be eligible to sell their shares to the sponsor or the Chaparral stockholders. The acquired shares will be voted in favor of the proposed merger transaction between URX and Chaparral. On October 9, 2009, Chaparral Energy, Inc., and United Refining Energy Corp., entered into an Agreement and Plan of Reorganization, which was amended on November 23, 2009, through which both companies will merge. Following stockholder approval of the proposal transaction, the combined company will be named Chaparral Energy, Inc. and will continue to trade on the NYSE Amex until approval of a planned application to transfer listing to the NYSE, where the symbols "CPR" and "CPR.WT" have been reserved. The proposed transaction is valued at approximately $1.7 billion. The Special Meeting of Warrantholders and the Special Meeting of Stockholders will be held on December 10, 2009, at 10:00 a.m. and 10:30 a.m. Eastern Time, respectively, at the offices of Ellenoff Grossman & Schole LLP, URX's counsel, at 150 East 42nd Street, 11th Floor, New York, New York 10017. The full meeting agendas are detailed in the definitive proxy statement/prospectus mailed to all stockholders and warrantholders of record as of the close of business on November 20, 2009. Additional information regarding URX, its proposed merger with Chaparral and the related transactions is available in the definitive proxy statement/prospectus filed with the Securities and Exchange Commission ("SEC") on November 30, 2009, a copy of which, together with other reports filed by the Company, may be obtained without charge, at the SEC's website at sec.gov. Not a Proxy Statement/Prospectus This press release is not a proxy statement/prospectus or a solicitation of proxies from the holders of URX's securities. Any solicitation of proxies will be made only pursuant to the proxy statement/prospectus mailed to all URX stockholders and warrant holders who hold such securities as of the record date. Interested investors and security holders are urged to read the proxy statement/prospectus because it contains important information about URX, Chaparral and the proposals to be presented at the Special Meeting of Stockholders and the Special Meeting of Warrantholders, as the case may be. <snip> finance.yahoo.com