United Refining Energy Corp. Common Stock and Warrants to Commence Trading Separately on January 29, 2008

    NEW YORK, Jan. 25 /CNW/ -- United Refining Energy Corp. (AMEX:   URX.U)
(the "Company") announced today that Deutsche Bank Securities Inc. and Maxim
Group LLC, the representatives of the underwriters of its initial public
offering of units, which was consummated on December 17, 2007, have notified
the Company that separate trading of the common stock and warrants included in
the units may commence on January 29, 2008 and that trading in the units would
continue, as well, under the symbol "URX.U." The common stock and the warrants
will be traded on the American Stock Exchange under the symbols "URX" and
"URX.W", respectively.
    United Refining Energy Corp. is a newly organized blank check company
organized for the purpose of effecting a merger, capital stock exchange, asset
acquisition, exchangeable share transaction, joint venture or other similar
business combination with one or more operating businesses. The Company will
focus on identifying a prospective target business in the energy industry,
with a particular focus on businesses or assets involved in the refining of
petroleum products, but will not be limited to pursuing acquisition
opportunities only within that industry.

For further information:

For further information: James E. Murphy, Chief Financial Officer of 
United Refining Company, +1-212-956-5803

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