Natural gas exploration and production company
Rex Energy Corporation was a natural gas exploration and production company headquartered in State College, Pennsylvania . In 2018, the company was acquired by PennEnergy Resources.
The company's operations were entirely in the Appalachian Basin , in the Marcellus Shale , Utica Shale , and the Burkett Shale. The company primarily extracted resources using hydraulic fracturing . As of December 31, 2016, the company had 108 million barrels of oil equivalent (660,000,000 GJ) of estimated proved reserves, of which 56.8% was natural gas , 41.5% was natural gas liquids , and 1.7% was natural-gas condensate . In 2016, the company's production was 195 million cubic feet of natural gas equivalent per day.[ 1]
History
The company was founded in March 2007.
In July 2007, the company became a public company via an initial public offering .[ 2]
In August 2010, the company entered into a $140 million joint venture with Sumitomo Corporation .[ 3]
In May 2012, the company sold its interests in two cryogenic gas processing plants for $120 million.[ 4]
In August 2014, the company acquired assets from Royal Dutch Shell for $120 million.[ 5] [ 6]
In June 2015, the company sold its water services subsidiary, Keystone Clearwater Solutions, to American Water Works for $130 million.[ 7] [ 8]
In August 2016, the company sold assets in the Illinois Basin for $40 million.[ 9] [ 10]
In January 2017, the company sold assets in the Utica Shale to Antero Resources for $30 million.[ 11] [ 12]
In May 2018, Rex Energy filed for bankruptcy .[ 13]
In August 2018, the assets of the company were acquired by PennEnergy Resources.[ 14]
References
^ a b "Rex Energy Corporation 2016 Form 10-K Annual Report" . U.S. Securities and Exchange Commission .^ "Rex Energy sets IPO at 14.67 mln shares, $11-$13" . American City Business Journals ^ "Rex Energy Corporation Announces Marcellus Shale Joint Venture, Updated Guidance and Borrowing Base Increase" (Press release). GlobeNewswire . August 31, 2010.^ "Rex Energy Corporation Announces Sale of Midstream Assets and Increase in Borrowing Base" (Press release). GlobeNewswire . May 7, 2012.^ "Rex Energy Announces Significant Acquisition in Its Butler Operated Area" (Press release). GlobeNewswire . August 12, 2014.^ RITENBAUGH, STEPHANIE; LITVAK, ANYA (August 12, 2014). "Rex Energy pays Shell $120M to expand in Pennsylvania, Ohio" . Pittsburgh Post-Gazette ^ "Rex Energy Announces Sale of Keystone Clearwater Solutions" (Press release). GlobeNewswire . June 18, 2015.^ Kusic, Sam (June 18, 2015). "Rex Energy sells Keystone Clearwater Solutions" . American City Business Journals ^ "Rex Energy Announces Closing of Illinois Basin Asset Sale" (Press release). GlobeNewswire . August 22, 2016.^ Gough, Paul J. (August 23, 2016). "Rex Energy sells off Illinois basin assets" . American City Business Journals ^ "Rex Energy Announces Sale of Ohio Utica Warrior South Asset" (Press release). GlobeNewswire . January 4, 2017.^ Gough, Paul J. (January 4, 2017). "Rex Energy sells Utica Shale assets in Ohio" . American City Business Journals ^ Litvak, Anya (May 17, 2018). "Rex Energy will file for bankruptcy" . Pittsburgh Post-Gazette ^ "PennEnergy Resources to Acquire the Assets of Rex Energy" (Press release). GlobeNewswire . August 30, 2018.
