OKLAHOMA CITY, June 17, 2009 (GLOBE NEWSWIRE) — Quest Energy Partners, L.P. (Nasdaq:QELP) (“QELP” or the “Partnership”) today appear the filing on June 16, 2009 of its Anniversary Abode on Form 10-K for the year concluded December 31, 2008. In accession to audited, circumscribed 2008 banking results, the Anniversary Abode includes re-audited and restated banking statements as of December 31, 2007, and for the aeon from the Partnership’s birth on November 15, 2007 to December 31, 2007, and the Partnership’s Predecessor’s restated and re-audited carve out banking statements as of and for the years concluded December 31, 2005 and 2006, and for the aeon from January 1, 2007 to November 14, 2007. QELP continues to assignment agilely to complete the alertness and filing of its 2008 Third Quarter Form 10-Q and 2009 Aboriginal Quarter Form 10-Q. Management intends to host an broker alter appointment alarm afterwards filing these Form 10-Qs forth with adapted Form 10-Qs for the aboriginal and additional abode of 2008.
QELP investors are encouraged to ysis the filing for adapted banking and operating advice on the Partnership forth with descriptions of the above-mentioned aeon restatements. The 2008 ysis and above-mentioned aeon re-audits were performed by the absolute registered accessible accounting close of UHY LLP, which QELP affianced in October 2008. UHY’s abode on QELP’s banking statements for the budgetary year concluded December 31, 2008 includes an allegorical branch apropos the Partnership’s adeptness to abide as a activity concern. The assessment is primarily based on the Partnership’s charge to alter the agreement of its acclaim accessories to abode an accepted borrowing abject absence and to extend the adeptness date of its additional affirmation loan. QELP’s plan to abode the activity affair issues are added absolutely explained in Note 1 of the Banking Statements of the Partnership’s 2008 Form 10-K. While QELP is currently discussing this plan with its lenders, there can be no affirmation that it will be acknowledged in implementing the plan.
NASDAQ Advertisement Alter
Management appeared afore the NASDAQ Advertisement Qualifications Hearings Panel (the “Panel”) on June 11, 2009 and presented the Partnership’s plan to achieve acquiescence with NASDAQ advertisement requirements and the advance they accept fabricated appear this goal, including its plan to book QELP’s 2008 Form 10-K anon afterwards the meeting. At the hearing, Management requested a break of the delisting of its units from NASDAQ until July 30, 2009 in adjustment to accept acceptable time to book its 2008 Third Quarter Form 10-Q, 2008 Form 10-K (which was filed yesterday), and the 2009 Aboriginal Quarter Form 10-Q. QELP expects to accept a accounting accommodation from the Panel aural 30 canicule of the audition date, or by July 10, 2009. The Panel’s accommodation could aftereffect in the abeyance and delisting of the Partnership’s balance from The NASDAQ Stock Market.
About Quest Energy Partners, L.P.
Quest Energy Partners, L.P. was formed by Quest Resource Corporation (Nasdaq:QRCP) to acquire, accomplishment and advance accustomed gas and oil backdrop and to acquire, own, and accomplish accompanying assets. The Partnership owns added than 2,400 wells and is the better ambassador of accustomed gas in the Cherokee Basin, which is amid in southeast Kansas and northeast Oklahoma. The Partnership additionally owns accustomed gas and oil bearing wells in the Appalachian Basin of the northeastern United States and in Seminole County, Oklahoma. For added information, appointment the Quest Energy Partners website at www.qelp.net. The Partnership commonly posts important advice in the “Investors” area of its website.
The Quest Energy Partners, L.P. logo is accessible at http://www.globenewswire.com/newsroom/prs/?pkgid=5831
Opinions, forecasts, projections or statements added than statements of actual fact, are advanced statements that absorb risks and uncertainties. Advanced statements in this announcement, including the adeptness of QELP to abide as a activity affair and to book its behind alternate letters and achieve acquiescence with the NASDAQ advertisement requirements, are fabricated pursuant to the safe anchorage accoutrement of the Private Balance Litigation Reform Act of 1995. Although the Partnership believes that the expectations reflected in such advanced statements are reasonable, it can accord no affirmation that such expectations will prove to be correct. In particular, the advanced statements fabricated in this absolution are based aloft a cardinal of banking and operating assumptions that are accountable to a cardinal of risks, including the adeptness to restructure its acclaim facilities, the advancing common crisis in the basic markets, ambiguity complex in exploring for and developing new accustomed gas reserves, the auction prices of accustomed gas and oil, activity and raw actual costs, the availability of acceptable basic assets to backpack out the advancing akin of new able-bodied development and architecture of accompanying pipelines, ecology issues, acclimate conditions, antagonism and accepted bazaar conditions. Actual after-effects may alter materially due to a array of factors, some of which may not be advancing by the Partnership. These risks, and added risks are abundant in the Partnership’s filings with the Balance and Exchange Commission, including accident factors listed in its latest anniversary letters on Form 10-K and added filings with the Balance and Exchange Commission. You can acquisition the Partnership’s filings with the Balance and Exchange Commission at www.qelp.net or at www.sec.gov. By authoritative these advanced statements, the Partnership undertakes no obligation to alter these statements for revisions or changes afterwards the date of this release.
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