United Refining Energy Corp. Announces Termination of Chaparral Energy, Inc. Merger Agreement

NEW YORK, NY--(Marketwire - December 11, 2009) - United Refining Energy Corp. (the "Company") (NYSE Amex: URX) (NYSE Amex: URX.U) (NYSE Amex: URX.WT) 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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