26 Oct 2010director interest notice● Neutral
John J Zak became a REX ENERGY CORP director and company insider (initial ownership filing).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Oct 2010director interest notice● Neutral
Benjamin Ward Hulburt became a REX ENERGY CORP company insider (initial ownership filing).
20 Oct 2010director interest notice● Neutral
Christopher Kent Hulburt became a REX ENERGY CORP company insider (initial ownership filing).
13 Oct 2010director interest notice● Neutral
REX ENERGY CORP Exec. VP and COO Patrick M Mckinney received a stock option grant for 18,526 shares.
6 Oct 2010asset acquisition disposition▲ GoodMajor
On September 30, 2010, Rex closed the Marcellus joint venture with Sumitomo's subsidiary Summit that was agreed on August 31, 2010. Rex sold about 13,000 net acres (final adjustments from the 12,900 first stated) plus a partial interest in producing wells and midstream assets, and received about $99.5 million in cash, which included about $7.6 million of leasing reimbursement and about $7.5 million of drilling reimbursement applied against the carry. The remaining drilling carry is about $51.2 million (80% of Rex's costs for further Marcellus wells in the joint areas). Summit also took 30% of Rex's Keystone Midstream interest. The CEO says $75.0 million was drawn on the senior credit facility at closing, so the proceeds leave Rex in a positive net cash position, and that the borrowing base was increased to $125 million (the CEO's statement; the filing gives no date for that increase). This resolves the pending closing.
3 Sept 2010material agreement▲ GoodMajor
On August 31, 2010, Rex agreed with Summit Discovery Resources II, a subsidiary of Sumitomo, to sell interests in its Pennsylvania Marcellus assets (12,900 net acres, producing wells and midstream assets) in a deal valued at about $140.4 million: $88.4 million in cash at closing and $52.0 million as a drilling carry. It covers a 15% interest in Butler County acreage, 20% of the Williams joint venture areas and 50% of about 4,600 net acres in Fayette and Centre Counties, plus stakes in wells, the Butler cryogenic plant and 30% of Rex's Keystone Midstream membership interest. Rex stays operator in Butler County, and the deal changes the Williams tax partnership (the Williams joint venture of 2009). Closing is expected in September 2010 subject to conditions; the filing text provided is truncated, so parent guaranty terms are not covered.
5 Aug 2010asset acquisition disposition● NeutralMajor
On July 30, 2010, Rex completed the Duncan purchase of undeveloped DJ Basin leases in Laramie County, Wyoming, covering about 18,375 net acres for about $18.4 million, less the $1.9 million deposit. That is slightly fewer acres than the 18,700 first expected; Rex may buy another 320 net acres if Duncan cures title defects within 90 days. The pro forma balance sheet assumes about $13.0 million of the cost is funded from the senior credit facility, taking pro forma debt from $15.0 million to $28.1 million.
4 Aug 2010quarterly activities report● Neutral
REX ENERGY CORP reported a quarterly net income of $877 thousand for the period ended 2010-06-30.
3 Aug 2010quarterly activities report● Neutral
REX ENERGY CORP reported a quarterly net income of $877 thousand for the period ended 2010-06-30.
7 July 2010material agreement▲ GoodMajor
On June 30, 2010, Rex agreed to buy oil and gas leases on about 26,900 gross (18,700 net) acres in the DJ Basin in Laramie County, Wyoming from Duncan Oil Partners for about $18.7 million ($1,000 per net acre), with a roughly $1.9 million deposit already paid and closing scheduled for July 30, 2010. This is a new area for the company, outside its Illinois and Appalachian operations; management's press release calls it Niobrara oil acreage and says it plans to start horizontal drilling there in July 2010.
28 June 2010director interest notice● Neutral
REX ENERGY CORP director Lance T Shaner received a stock option grant for 7,387 shares.
28 June 2010director interest notice● Neutral
REX ENERGY CORP director Eric L Mattson received a stock option grant for 7,387 shares.
28 June 2010director interest notice● Neutral
REX ENERGY CORP director John W Higbee received a stock option grant for 7,387 shares.
28 June 2010director interest notice● Neutral
REX ENERGY CORP director John A Lombardi received a stock option grant for 7,387 shares.
28 June 2010director interest notice● Neutral
REX ENERGY CORP director Daniel J Churay received a stock option grant for 7,387 shares.
28 May 2010material agreement termination● Neutral
On May 25, 2010, Rex told CEO Benjamin Hulburt, CFO Thomas Stabley and EVP Christopher Hulburt that their August 1, 2007 employment agreements will not be extended past their July 30, 2010 expiry. This is only a non-renewal notice, not an end to their employment, and the company says it is finalizing new agreements it expects to sign before the old ones expire.
20 May 2010director interest notice● Neutral
REX ENERGY CORP director John W Higbee bought 5,000 shares on the open market at $10.40.
13 May 2010director interest notice● Neutral
REX ENERGY CORP director Eric L Mattson bought 10,000 shares on the open market at $12.62.
12 May 2010director interest notice● Neutral
REX ENERGY CORP Exec. VP and COO Patrick M Mckinney received 36,916 shares as part of the equity award.
29 Mar 2010director interest notice● Neutral
REX ENERGY CORP S VP & Appalachian Dist Man Timothy Paul Beattie received 26,181 shares as part of the equity award.
29 Mar 2010director interest notice● Neutral
REX ENERGY CORP Sr. VP & Ill Dist Manager Bryan James Clayton received 26,181 shares as part of the equity award.
29 Mar 2010director interest notice● Neutral
REX ENERGY CORP Exec. VP and CFO Thomas Charles Stabley received 36,378 shares as part of the equity award.
29 Mar 2010director interest notice● Neutral
REX ENERGY CORP President and CEO Benjamin Ward Hulburt received 62,992 shares as part of the equity award.
29 Mar 2010director interest notice● Neutral
REX ENERGY CORP Exec. VP, Sec. and Gen. Coun. Christopher Kent Hulburt received 36,378 shares as part of the equity award.
12 Feb 2010substantial holder notice● Neutral
Wellington Management Company, LLP reported a REX ENERGY CORP shareholding of 776,287 shares (2.11% of votes) in a periodic institutional filing.
15 Jan 2010securities registration● Neutral
REX ENERGY CORP filed a prospectus supplement for an offering off its existing shelf.
15 Jan 2010material agreement● NeutralMajor
On January 14, 2010, Rex signed an underwriting agreement with KeyBanc Capital Markets to sell 6,000,000 new common shares at $12.25 each (plus up to 900,000 more if the underwriters use their over-allotment option), expected to close January 21, 2010. The company says net proceeds are about $69.7 million, to be used for 2010 capital spending and general corporate purposes, and first to repay the $23.0 million owed on its senior credit facility (as of Dec 31, 2009), with the rest invested short-term and credit facility borrowing resumed as spending needs require. This completes the share sale prepared by the January 12 and 15 prospectus filings and adds to the share count, diluting existing holders' percentage ownership (inference from the new issue).
12 Jan 2010securities registration● Neutral
REX ENERGY CORP filed the final prospectus for a registered offering.
5 Jan 2010material agreement termination● Neutral
On December 30, 2009, Rex's subsidiaries signed a Master Crude Purchase Agreement with CountryMark Cooperative, effective January 1, 2010, replacing the existing letter agreement for crude oil sales. For 2010, CountryMark agreed to buy all crude produced from all the subsidiaries' Illinois Basin leases; the agreement runs to January 1, 2011 and renews yearly unless notice is given before October 1. Prices are not stated in the filing (redacted portions).
28 Dec 2009material agreement● NeutralMajor
On December 21, 2009, Rex's subsidiary R.E. Gas Development and Stonehenge Energy Resources formed Keystone Midstream Services, a joint venture to build a gas gathering system and cryogenic processing plant in Butler County, Pennsylvania. Rex owns 40% and Stonehenge 60% and manages the venture; Rex contributed a 16.3% plant interest and an option to buy its gathering system, and the 2010 plan calls for up to $25 million of initial cash investment by the two partners. The deal can be unwound if a plant site is not secured within 150 days.