United Refining Energy Corp. Completes Initial Public Offering

    NEW YORK, Dec. 17 /CNW/ -- United Refining Energy Corp. (Amex:   URX.U)
(the "Company") announced today it has closed its initial public offering of
45,000,000 units.  The units were sold at an offering price of $10.00 per
unit.  Each unit issued in the initial public offering consists of one share
of the Company's common stock, $.0001 par value per share (the "Common
Stock"), and one warrant to purchase one share of Common Stock.
    The Company was formed and organized by United Refining, Inc., a Delaware
corporation, which is indirectly owned and controlled by John A. Catsimatidis,
the Company's Chairman and Chief Executive Officer.  Prior to the
effectiveness of the public offering, the Company consummated a private
placement of 15,600,000 warrants at $1.00 per warrant to United Refining, Inc.
The warrants sold in the private placement are substantially similar to those
underlying the units sold in the initial public offering.  The initial public
offering and the private placement generated gross proceeds in an aggregate
amount of $465,600,000 to the Company.  Deutsche Bank Securities Inc. and
Maxim Group LLC acted as joint bookrunning managers and joint representatives
of the underwriters of the initial public offering.  Ellenoff Grossman &
Schole LLP acted as counsel to the Company and Lowenstein Sandler P.C. acted
as counsel to the underwriters' representatives.
    United Refining Energy Corp. is a blank check company recently
incorporated for the purpose of 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 with one or more operating
businesses 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.
    A registration statement relating to these units and the underlying
securities was declared effective by the Securities and Exchange Commission on
December 11, 2007.  This press release shall not constitute an offer to sell
nor the solicitation of an offer to buy any securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any state or
jurisdiction.  A copy of the prospectus relating to this offering may be
obtained from Deutsche Bank Securities Inc., Attention: Prospectus Department,
100 Plaza One, Jersey City, New Jersey 07311, by telephone at 800-503-4611 or
by e-mailing prospectusrequest@list.db.com or Maxim Group LLC, 405 Lexington
Avenue, New York, New York 10174, Telephone: (800) 724-0761.

For further information:

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

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