Key Developments For Rex Energy Corporation
Rex Energy Corporation (REXX.O) (Consolidated Issue listed on NASDAQ Global Market)
Rex Energy Corporation Enters Into Exploration Agreement With Subsidiary Of Williams Companies
Rex Energy Corporation announced an agreement with a subsidiary of Williams Companies to pursue the development of the Marcellus Shale. Under the terms of the agreement, Williams will acquire a 50% interest in Rex Energy's leasehold interests in Westmoreland, Clearfield and Centre Counties in Pennsylvania, covering approximately 44,000 gross, (44,000 net) acres for approximately $33 million, which will be paid through a drill to earn structure. The participation and exploration agreement effectively provides that, for Williams to earn its 50% interest in the project areas, Williams will bear 90% of all costs and expenses incurred in the drilling and completion of all wells jointly drilled in the project areas until such time as Williams has invested $74 million ($33 million on behalf of Rex Energy and $41 million for Williams' 50% share of the wells). After Williams funds its initial carry, the parties will share all costs of joint venture operations in accordance with their participating interests, which are expected to be on a 50/50 basis. Additionally, Williams reimbursed Rex Energy approximately $3.6 million for Williams' share of certain expenses incurred in the joint venture project areas that Rex Energy previously paid. Rex Energy will continue to operate the project areas through the end of 2009 and Williams will operate thereafter.
Rex Energy Corporation Completes Sale Of Southwestern Region Assets
Rex Energy Corporation announced that it has closed on the sale of its Southwestern Region assets for net cash proceeds of approximately $17.3 million, subject to any final closing adjustments. The sale to Adventure Exploration Partners, LLC of Midland, Texas consisted of properties in Texas and New Mexico, predominately located in the Permian Basin.
Rex Energy Corporation Announces Intention To Sell Southwestern Region Assets
Rex Energy Corporation announced that its Board of Directors has authorized the Company to pursue the sale of its Southwestern Region assets. The assets include all of the Company's properties in Texas and New Mexico, predominantly located in the Permian Basin.
Rex Energy Corporation Announces Sale Of New Albany Shale Acreage
Rex Energy Corporation announced that its wholly owned subsidiary, Rex Energy I, LLC, has completed the sale of approximately 79,000 net undeveloped acres in Indiana and certain related non-producing wells for approximately $8.4 million. The acreage divested consisted of all of Rex Energy's interests in acreage known as the Wabash and Lawrence areas of mutual interest, which are operated by Aurora Oil and Gas Corp., and all of its undeveloped acreage in Knox, Sullivan and Daviess Counties, Indiana, which was operated by Rex Energy.
Rex Energy Corporation Reaffirms Q2 2008 Production Guidance
Rex Energy Corporation reaffirmed the previous second quarter of 2008 guidance for production.
