Big news; Rex buys Shell's holdings

Rex Energy is expanding in Pennsylvania and Ohio with the acquisition of about 208,000 acres from Royal Dutch Shell for $120 million in cash in a deal that stands to increase the company’s footprint in the Appalachian Basin by 200 percent, the State College-based driller said Tuesday.

Rex Energy said it struck a deal with affiliate of Shell called SWEPI to acquire a 100 percent interest in 208,000 acres in the Marcellus, Upper Devonian/Burkett and Utica shales in Pennsylvania and Ohio.

The acreage is in Armstrong, Beaver, Butler, Lawrence, Mercer and Venango counties in Pennsylvania and Columbiana and Mahoning counties in Ohio, which the company calls its “Butler operated area.”

http://powersource.post-gazette.com/powersource/companies-powersour...

Hat  tip to Philip Thackery.

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Permalink Reply by Nancy LeNau on September 19, 2014 at 4:31pm

Thanks Jim, Wonderful news !

Permalink Reply by Trapper on September 20, 2014 at 2:29am
Let's hope they are as aggressive outside of Butler County as well. FWIW , a neighbor who works for a local contractor has been busy building CSX drilling pads in Ohio for quite some time now. He tells me he has been hearing that Lawrence and Beaver counties will be hot in 2015. Hope it's true!
He is happy they are moving up to the Pgh. Airport property soon to begin that project as he has been down near Marietta,OH all summer working,driving to and fro most days.
Permalink Reply by Nancy LeNau on September 20, 2014 at 2:52pm

Great Information, Trapper !   Thanks....

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