1 Feb 2012securities registration● Neutral
REX ENERGY CORP filed a prospectus supplement for an offering off its existing shelf.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Feb 2012material agreement● NeutralMajor
Rex priced a public offering of 7,000,000 new common shares at $9.25 each (underwriters have an option for up to 1,050,000 more), expected to close February 6, 2012. The company says net proceeds of about $61.3 million will repay borrowings under its senior credit facility, which means more shares outstanding for existing holders (inference: dilution) and less bank debt.
30 Jan 2012securities registration● Neutral
REX ENERGY CORP filed the final prospectus for a registered offering.
30 Jan 2012quarterly activities report▼ Bad
REX ENERGY CORP reported a quarterly net loss of $3.1 million for the period ended 2011-12-31.
17 Jan 2012quarterly activities report▼ Bad
REX ENERGY CORP reported a quarterly net loss of $3.1 million for the period ended 2011-12-31.
29 Dec 2011debt financing● NeutralMajor
On December 22, 2011, Rex signed a $100.0 million second lien term loan with KeyBank as agent, of which $50.0 million is initially available and up to $50.0 million more may be added on request; the initial borrowings mature March 28, 2016. Interest is the base rate or adjusted LIBOR plus a margin (LIBOR loans: 6.0% for the first year, then 7.0%). Proceeds are to fund oil and gas lease acquisitions in Ohio and Pennsylvania, repay the senior credit facility and for general purposes. Rex also amended the senior credit facility, raising its borrowing base from $240.0 million to $255.0 million and relaxing the leverage ratio for one year. This adds a layer of debt ranking behind the senior facility, and the new loan is secured by mortgages on subsidiaries' oil and gas properties.
16 Dec 2011director interest notice● Neutral
REX ENERGY CORP director Eric L Mattson received 4,422 shares and a 2,948-share option grant as part of the equity award.
16 Dec 2011director interest notice● Neutral
REX ENERGY CORP President and COO Patrick M Mckinney received 79,034 shares as part of the equity award.
16 Dec 2011director interest notice● Neutral
REX ENERGY CORP CEO and CFO Thomas Charles Stabley received 81,466 shares as part of the equity award.
16 Dec 2011director interest notice● Neutral
REX ENERGY CORP director John W Higbee received 4,422 shares and a 2,948-share option grant as part of the equity award.
16 Dec 2011director interest notice● Neutral
REX ENERGY CORP VP, General Counsel and Secr. Jennifer L Mcdonough received 21,390 shares as part of the equity award.
16 Dec 2011director interest notice● Neutral
REX ENERGY CORP Sr. VP, HR & Admin. Christina K Marshall received 23,212 shares as part of the equity award.
16 Dec 2011director interest notice● Neutral
REX ENERGY CORP Sr. VP of Exploration David E Pratt received 27,856 shares as part of the equity award.
16 Dec 2011director interest notice● Neutral
REX ENERGY CORP Sr. VP, Land F Scott Hodges received 27,856 shares as part of the equity award.
16 Dec 2011director interest notice● Neutral
REX ENERGY CORP director John J Zak received 4,422 shares and a 2,948-share option grant as part of the equity award.
16 Dec 2011director interest notice● Neutral
REX ENERGY CORP director John A Lombardi received 4,422 shares and a 2,948-share option grant as part of the equity award.
10 Nov 2011director interest notice● Neutral
REX ENERGY CORP CEO and CFO Thomas Charles Stabley bought 1,500 shares on the open market at $16.45.
8 Nov 2011quarterly activities report▼ Bad
REX ENERGY CORP reported quarterly revenue of $30.8 million and a net loss of $8.2 million for the period ended 2011-09-30.
1 Nov 2011quarterly activities report▼ Bad
REX ENERGY CORP reported quarterly revenue of $30.8 million and a net loss of $8.2 million for the period ended 2011-09-30.
11 Oct 2011director interest notice● Neutral
REX ENERGY CORP CEO and CFO Thomas Charles Stabley received 25,000 shares as part of the equity award.
11 Oct 2011director interest notice● Neutral
REX ENERGY CORP President and COO Patrick M Mckinney received 25,000 shares and a 50,000-share option grant as part of the equity award.
15 Aug 2011material agreement● NeutralMajor
On August 9, 2011, Rex's subsidiary R.E. Gas Development agreed to sell natural gas to BP Energy at delivery points in Pennsylvania. The minimum volume is 17,500 MMBtu per day from March 1, 2012 to December 31, 2012 and 59,500 MMBtu per day after January 1, 2013, with the term ending by October 31, 2022 at the latest. Prices are tied to Dominion index prices less marketing fees and reservation charges. Rex guaranteed its subsidiary's payment obligations up to $50.0 million.
11 Aug 2011director interest notice● Neutral
REX ENERGY CORP Sr. VP of Exploration David E Pratt bought 7,000 shares on the open market.
5 Aug 2011quarterly activities report● Neutral
REX ENERGY CORP reported quarterly revenue of $29.0 million and net income of $3.4 million for the period ended 2011-06-30.
2 Aug 2011quarterly activities report● Neutral
REX ENERGY CORP reported quarterly revenue of $29.0 million and net income of $3.4 million for the period ended 2011-06-30.
11 July 2011quarterly activities report● Neutral
REX ENERGY CORP reported quarterly revenue of $29.0 million and net income of $3.4 million for the period ended 2011-06-30.
6 June 2011securities registration● Neutral
REX ENERGY CORP registered a securities offering with the SEC using its shelf eligibility.
19 May 2011material agreement● Neutral
On May 13, 2011, Rex agreed to settle a July 2009 class action by Westmoreland County, PA landowners who said 2008 leases had been signed but never paid for; Rex had denied the leases were valid. If the court approves, Rex will offer class members leases at $2,500 per acre prepaid rental for five years with a 15% royalty, put $2.5 million into a fund for class members and attorneys' fees, and pay $30,000 for administration costs. Preliminary approval was received May 16, 2011 and final approval is set for July 15, 2011, with no admission of liability. Rex expects the lease costs to come from its $175.4 million 2011 capital budget.
17 May 2011agm notice● Neutral
REX ENERGY CORP shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
4 May 2011quarterly activities report▼ Bad
REX ENERGY CORP reported a quarterly net loss of $7.5 million for the period ended 2011-03-31.