“Rex Energy to acquire 208,000 gross acres in Pennsylvania, Ohio from Shell affiliate for USD 120m”
Rex Energy Corporation (“Rex Energy”) (Nasdaq:REXX) announced today the acquisition of approximately 208,000 gross (207,000 net) acres in the company’s Butler Operated Area.
Rex Energy has entered into a definitive purchase agreement with SWEPI, LP, an affiliate of Royal Dutch Shell, plc (“Shell”) to acquire a 100% interest in approximately 208,000 gross (207,000 net) acres prospective for the Marcellus, Upper Devonian/Burkett and Utica Shales in Pennsylvania and Ohio for approximately USD 120m in cash, subject to customary closing adjustments. The transaction is expected to close in September 2014.
The assets to be acquired are located in Armstrong, Beaver, Butler, Lawrence, Mercer and Venango counties in Pennsylvania and Columbiana and Mahoning counties in Ohio. The additional acreage, combined with recent leasing, will bring Rex Energy’s position in its Butler Operated Area to approximately 298,000 gross acres.
Thompson & Knight attorneys Hunter White, Wes Williams, Jessica Hammons, David Wheat, Ashley Phillips, and Sam Merrill, represented Rex Energy.