In Form 8-K filed on May 14, 2015, PostRock Energy Corporation announced its results for the quarter ended March 31, 2015. In response to the recent collapse of oil and gas prices that began in the latter part of 2014, the Company reduced its Oklahoma City staff by nearly 25% and its field staff by nearly 20% in January and February 2015. The collapse in prices has also necessitated a full review of strategy going forward.
The Company has engaged Evercore Group, L.L.C. to help evaluate strategic alternatives. A special committee of the Board of Directors has been formed to oversee the process. Revenue decreased 43% from the prior-year period, to $12.5 million. Gas revenue decreased to $8.8 million in the quarter, down 45% as a result of a 5% decline in gas production and a 42% decline in realized pricing from the prior-year period, to $2.83 per Mcf.
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