January 13, 2010, 2010 (FinancialWire) — Quest Resource Corp. (NASDAQ: QRCP) said on January 5, 2010, it received a determination letter, which the company expected, from the NASDAQ Stock Market stating that the company’s common stock is subject to delisting since the company failed to hold the required 2009 annual meeting of stockholders by December 31, 2009, and therefore was not in compliance with NASDAQ Listing Rules 5620(a) and 5620(b).

In the determination letter, NASDAQ advised that QRCP may request an appeal of this determination by making a hearing request to the NASDAQ Listing Qualifications Hearings Panel, which will stay the suspension of QRCP’s securities and the filing of a form 25-NSE with the Securities and Exchange Commission . The request for a hearing must be received by NASDAQ by January 12, 2010, and QRCP intends to timely submit such a request.

The company delayed the 2009 annual meeting in order to reduce costs by combining the 2009 annual meeting with the stockholder meeting to vote on the previously announced proposed recombination of QRCP with Quest Midstream Partners, L.P. (QMLP) and Quest Energy Partners, L.P. (NASDAQ: QELP) (QELP). The proposed recombination would be effected under the terms of a definitive merger agreement (the “Merger Agreement) pursuant to which the entities would form a new, publicly-traded corporation that, through a series of mergers and entity conversions (collectively, the “Merger), would wholly own all three entities. The new publicly traded entity will be named PostRock Energy Corp. (PostRock) and trade under the NASDAQ ticker symbol “PSTR.” PostRock filed an Amendment No. 1 to its registration statement on form S-4/A with the SEC on December 17, 2009. The company intends to hold the 2009 annual meeting, which will include the stockholder vote on the proposed recombination, promptly after the SEC completes its review and declares the registration statement effective.

Quest Resource Corp. is a fully integrated E&P company that owns: producing properties and acreage in the Appalachian Basin of the northeastern United States; 100% of the general partner and a 57% limited partner interest in QELP, including subordinated units; and 85% of the general partner and 36.4% of the limited partner interests in the form of subordinated units in QMLP.

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