United Refining Energy Corp. (NYSE Amex: URX) announced that the proposed business combination with Chaparral Energy, Inc. did not receive the stockholder vote required for approval despite the support of the Company's warrantholders. The warrantholder proposal was approved by more than a majority in interest of the warrantholders. The Company will promptly notify the trustee to begin distributing proceeds from the trust account as soon as practicably possible.
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About URX
United Refining Energy Corp. is a blank check company. The Company was formed for the purpose of acquiring, merging with, engaging in a capital stock exchange with, purchasing all or substantially all of the assets of, or engaging in any other similar business combination of an unidentified operating business. The Company is focused on identifying a target business in the energy industry throughout the world, with a particular focus on businesses or assets involved in the refining of petroleum and specialized products (such as petrochemicals) and services to the energy industry but its efforts in identifying a target business will not be limited to the energy industry.
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