Activity in Millwood Township (Guernsey)

Information about drilling activity, pipelines, etc. in Millwood Township.

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Permalink Reply by Philip Brutz on February 19, 2015 at 5:03pm

http://www.bizjournals.com/pittsburgh/blog/energy/2015/02/rex-energ...         

Rex Energy might sell some Pennsylvania acreage to boost liquidity

Feb 19, 2015, 12:02pm EST


Staff Reporter- Pittsburgh Business Times
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State College-based Rex Energy Corp. (NASDAQ:REXX) said it may consider selling its working interests in 28,300 gross acres in Westmoreland, Clearfield and Centre counties as a means to bolster liquidity.

During its quarterly earnings call with analysts on Thursday, Chief Financial Officer Thomas Rajan said selling its interests — about 40 percent on average — in the acreage is an additional lever the company can pull to improve its liquidity.

But for the time being, the company's main focus is finding a buyer for its 60 percent stake in Keystone Clearwater Solutions, an oilfield services company, and a joint venture partner for its Moraine East acreage.

CEO Tom Stabley said the company has been in talks with both strategic and financial partners and that Rex is making progress on both deals.

"Both of these transactions are in various stages of negotiations, but at this point we're very pleased with where we are," he said. Stabley told analysts that he expects the company will have deals to announce sometime in the second quarter.

As of Dec. 31, Rex was sitting on nearly $18 million in cash and had a credit facility of $400 million with no outstanding borrowings. But it also has about $660 million in net debt. Stabley said that completion of one or both deals would give Rex ample flexibility to execute on its drilling plans in 2015.

The company said it needs to drill 44 wells through 2017 to hold about 80 percent of its acreage in the Moraine East area.

Sam Kusic covers energy for the Pittsburgh Business Times.
Permalink Reply by Tom on February 19, 2015 at 7:28pm

I like seeing numbers like that for the J Hall wells!!!!!!!

I can't wait to get the division orders and see how they are actually paying out with the oil and gas prices being in the crapper like they are.  I'll keep ya'll informed when I actually get something.

Permalink Reply by evan on February 20, 2015 at 7:21am
Awesome. Thanks Tom. Hope it's a bundle
Permalink Reply by Jan on February 20, 2015 at 9:09am

To follow up on my earlier statement about HB 8, we sent emails to the members of the Energy and Natural Resources Committee asking for their support of this bill.  We received a call yesterday afternoon from one of the bill's sponsors asking  us to present testimony at a hearing next week, which we will do.

Quite a feat for a landowner in Millwood Twp!

Permalink Reply by scott peterson on February 20, 2015 at 9:27am

Awesome Jan!

Permalink Reply by David Allen Lilly on February 21, 2015 at 9:36am

Yes it is. I will help if you want it. I am a pretty good speaker and am not intimidated by audiences or people in positions of authority.

Congratulations, quite a coup for Millwood township.

Remember when nobody cared one bit for us out here in the sticks ?

Permalink Reply by bo boboski on February 22, 2015 at 5:07pm

I heard the whole crew from the Finneran well went to WVA.  Did the rig go too?

Permalink Reply by evan on February 22, 2015 at 5:49pm
The rig was there a week or so ago
Permalink Reply by bo boboski on February 22, 2015 at 6:27pm

They finished up there a day or so ago. Have yet to hear if the rig was taken to wva along with the crew.

Permalink Reply by Jan on February 23, 2015 at 8:37am

I was told that Eclipse is going to concentrate in the dry gas area of WVa until oil prices stabilize.  

They have drastically altered their drilling schedule - but, of course, it is always subject to change.

Permalink Reply by bo boboski on February 23, 2015 at 4:48pm

Went by there today, The rig is still there. the crew that pulls trucks in & out left for a wva. well site, where it's much harder for trucks to get in. 

Permalink Reply by BRT on February 24, 2015 at 12:31pm

Hi Folks,

I just started following this blog and have been learning a lot from you so thanks. I am in Rex's Warrior south play and I believe part of the un-drilled Noah Yoder unit, we are bordering the Eclipse units on Barker. We are coming up on three years (in July) since we signed the lease and they will then owe us another 1000 per acre for the remaining two years. It will be interesting to see if they pay us the bonus or release us which I think they can do. I just hope they don't go belly up by then!

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