United Refining Energy Corp.'s (AMEX: URX) proposed business combination with Chaparral Energy, Inc. did not receive sufficient stockholder vote required for approval. However the support was there from the company's warrantholders. The warrantholder proposal was approved by more than a majority interest of the warrantholders. The company will notify the trustee to begin distributing proceeds from the trust account as soon as it is possible.
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About United Refining Energy Corp.
The Company is a special purpose acquisition company formed in 2007 for the purpose of acquiring, through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, one or more businesses or assets in the energy industry.
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