PennEnergy Resources is buying Rex Energy.
Replies to This Discussion
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Permalink Reply by Jon on
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Yep. Just saw it. It doesn't seem like that big of a company though. Who knows if they'll do anything. It could just be rex buying shell 2.0
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Permalink Reply by james on
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I agree, not a big company but still for someone to step in and pay over $600 million for a BK company is still a nice chunk of change, I’m guessing that’s not counting all the debt Rex has acquired over the years also?
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Permalink Reply by David Allen Lilly on
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I was in a landowner group when Rex made their presentation to us as they enticed us into signing with them.
They started the meeting by flat out lying to every direct question which affected half the group. I didn't sign with them, I don't do business with liars.
Some did sign with them, I doubt that very many but a small portion were pleased with their decision a few years later. In fact, out of all the people who I have spoken to over the years since that meeting not one person has anything good to say about them.
In the end I did far better on my own, without Rex or Carrizo (who flatly, blatantly lied to us over and over) the landowner group or, and especially, the fraud who ran the landowner group.
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Permalink Reply by David Allen Lilly on
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When I came along the group had been meeting for some time and I felt like it was not appropriate for me to interfere with what they had already done.
At my first meeting the group voted to sign leases with Carrizo, and the man "leading" the group assured us that once we signed Carrizo could not cherry pick the leases they wanted, that they legally had to pay all or none in the group. As well we were assured that Carrizo could not back out of the deal, that they were required to see the leases through to payment of the land bonus.
I was certain that the man leading the group was either lying or didn't know what he was talking about.
The process drug on for months and months, every meeting I asked for and received verification that Carrizo couldn't pay some but not all and that they couldn't back out on us, that if a landowner actually owned the minerals under their property they would in fact be paid. Every time I asked I was assured by the "leader" that this was accurate.
It became a game almost, as the months went by it became ever more clear that Carrizzo was in fact only paying those of us around the Potts property, they were in fact cherry picking and were less and less likely to honor the vast majority of the leases we signed with them. I started going to Carrizzos office weekly, asking if the deal was still on and they assured me over and over that it was, that due to the over crowding of the auditors office it was taking longer than expected to finish the verification process but that all would be paid in due time if they owned their minerals.
Then one day the inevitable came, the certified mail informing us that Carrizzo was canceling the deal, in exact and specific contradiction to everything our landowner group leader told us. Carrizo had in fact only paid a few of us and cancelled the rest.
When I asked in the next meeting about this I was assured that there were lawyers who would handle all this to our benefit, but this too was a total lie from our "leader".
Enter REX, who our leader brought into a big group meeting with attendees who had taken off work and come from out of town to attend, having been told that REX was signing and paying us all. I asked the question point blank at the very beginning of that meeting, our leader deferred to the REX representatives and they assured us that all in the group were to be signed and paid by them. The deal they offered us was not a good one by any means and at some point they flashed through a generic looking map of the properties they wanted, without specific mention that these were the only properties they were signing, even the map lacking any identifying landmarks so we would know that not all of us were to be signed. An Amish man caught the deception, lie, and told me of it after he got up and walked outside motioning for me to follow him.
I re-entered and stopped the meeting, asking again the questions I had always asked at which time REX found their honesty and admitted that contrary to what they had told us 10 minutes earlier they were in fact only signing a portion of us and the rest were on their own to secure a lease with someone else. Well, the meeting blew up at that point and I was sure it would be the end of things but astonishingly there were some who stuck with Rex and the group leader even though they had flatly lied to us.
I doubt that more than a very few were ever drilled. I feel like they got what they deserved frankly, due to the fact that they stuck with REX and the group leader in spite of the total dishonesty they exhibited.
Many of us struck out on our own, staying in contact with each other as we sought our own deals due to the friendships many of us had predating the landowner group.
The most galling aspect of it all was that the group leader was sending all of us letters demanding we pay him the fee that we agreed on prior to signing with Carrizzo even though he couldn't close that deal for us and in spite of the fact that we obtained our deals wholly without his assistance.
Landowner groups are great, just be very sure of who you decide to allow to represent you. I made a far better deal for myself and my family than we would have gotten from REX and after wasting a year (many in the group wasted an additional year with the group before I cam e along) in the group. I was paid promptly and without any of the hassle we endured NOT getting paid through the landowner group.
I know my story is long but these matters are very important and deserve more than just a glance or two and willingly swallowing things told to you by men who act like they are honest and able even though there are many signs that they are operating in their best interests and not yours.
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Permalink Reply by Joe on
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Anyone's check from Rex late this month? I usually get an email on the 24th and check by the 28th.
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Permalink Reply by Sarah Violet on
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Same here Joe.
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Permalink Reply by LewPa on
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Joe,
Got email notice Tuesday morning 8/28 for direct deposit from Christopher Hann at Rex.
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