Westmoreland County, PA - Marcellus Shale Update

By Andrea: http://oilshalegas.com

Rex Energy Corp. (REXX) announced today that it will sell roughly 22,100 net acres in it's Marcellus shale assets, half of those acres residing in Westmoreland County, PA:

In Rex Energy's Marcellus Shale joint venture project areas operated by Williams Production Appalachia, LLC, Rex Energy will sell 20% of its interests in approximately 44,200 gross (22,100 net) acres for $35.9 million, or $8,115 per net acre. One-half of the purchase price will be paid in cash at the time of closing, with the remaining fifty percent of the purchase price being paid in the form of a drilling carry of 80% of Rex Energy's drilling and completion costs in the areas. After the sale, Rex Energy will own approximately 6,700 net acres within the Westmoreland County AMI, and 11,000 net acres within the Central Pennsylvania AMI.

Additionally, Rex Energy will sell 20% of its interests in nineteen Marcellus Shale wells located in the Williams joint venture areas, including five wells in progress, for $5.7 million, and 20% of its interests in the Williams joint venture midstream assets for approximately $822,000.

Under the agreement, Rex Energy will sell 50% of its interests in approximately 4,600 net acres in Fayette and Centre Counties for $18.5 million, or $8,115 per net acre. One-half of the purchase price will be paid in cash at the time of closing, with the remaining fifty percent to be paid in the form of a drilling carry of 80% of Rex Energy's drilling and completion costs. Pursuant to the agreement, the drilling carry for these areas may be applied, at Rex Energy's discretion, to drilling and completion costs attributable to either the Butler County or Williams joint venture areas. After the sale, Rex Energy will own approximately 2,300 net acres in these areas.

For more shale updates, visit: http://blackberrystocks.blogspot.com

For more stock updates, visit: http://daytradingstockblog.blogspot.com