PennEnergy Resources is buying Rex Energy. - GoMarcellusShale.com2024-03-29T06:14:08Zhttps://gomarcellusshale.com/forum/topics/pennenergy-resources-is-buying-rex-energy?commentId=2274639%3AComment%3A785330&x=1&feed=yes&xn_auth=nohttps://www.bizjournals.com/p…tag:gomarcellusshale.com,2018-08-30:2274639:Comment:7853302018-08-30T19:00:25.985ZJoehttps://gomarcellusshale.com/profile/HarryS
<p><a href="https://www.bizjournals.com/pittsburgh/news/2018/08/30/pittsburgh-gas-driller-to-acquire-assets-of-rex.html" target="_blank">https://www.bizjournals.com/pittsburgh/news/2018/08/30/pittsburgh-gas-driller-to-acquire-assets-of-rex.html</a></p>
<p class="content__segment combx">Pittsburgh-based natural gas driller PennEnergy Resources LLC has received approval to purchase the assets of bankrupt <a href="http://companies.bizjournals.com/profile/rex-energy/217475/">Rex Energy</a> Corp.…</p>
<p><a href="https://www.bizjournals.com/pittsburgh/news/2018/08/30/pittsburgh-gas-driller-to-acquire-assets-of-rex.html" target="_blank">https://www.bizjournals.com/pittsburgh/news/2018/08/30/pittsburgh-gas-driller-to-acquire-assets-of-rex.html</a></p>
<p class="content__segment combx">Pittsburgh-based natural gas driller PennEnergy Resources LLC has received approval to purchase the assets of bankrupt <a href="http://companies.bizjournals.com/profile/rex-energy/217475/">Rex Energy</a> Corp. for $600.5 million.</p>
<p class="content__segment combx">PennEnergy received the go-ahead Thursday afternoon from the judge in the Rex (Nasdaq: REXX) case in the U.S. Bankruptcy Court for the Western District of Pennsylvania. The closing is scheduled for Sept. 28. It will create what PennEnergy believes is the 10th largest natural gas driller in Pennsylvania.</p>
<p class="content__segment combx">Rex, which is based in State College, had started the sales process May 18 when it filed for Chapter 11 bankruptcy.</p> ok, I see the deal went throu…tag:gomarcellusshale.com,2018-08-30:2274639:Comment:7852332018-08-30T18:55:47.878ZSarah Violethttps://gomarcellusshale.com/profile/SarahViolet
ok, I see the deal went through. Closing on Sept 28th.
ok, I see the deal went through. Closing on Sept 28th. Thanks Joe. I got mine today…tag:gomarcellusshale.com,2018-08-30:2274639:Comment:7854132018-08-30T18:44:47.682ZSarah Violethttps://gomarcellusshale.com/profile/SarahViolet
Thanks Joe. I got mine today too at 8:54 e-mail.<br />
<br />
Anyone know if the Judge approved the sale this morning?
Thanks Joe. I got mine today too at 8:54 e-mail.<br />
<br />
Anyone know if the Judge approved the sale this morning? Update: I received The email…tag:gomarcellusshale.com,2018-08-30:2274639:Comment:7851782018-08-30T01:33:04.636ZJoehttps://gomarcellusshale.com/profile/HarryS
<p>Update: I received The email notice at 8:55 pm 35 min ago. I don't know if a few phone calls had anything to do with it or they were just late. I was told on the phone it's an automated system.</p>
<p></p>
<p>Update: I received The email notice at 8:55 pm 35 min ago. I don't know if a few phone calls had anything to do with it or they were just late. I was told on the phone it's an automated system.</p>
<p></p> Joe,
Got email notice Tuesday…tag:gomarcellusshale.com,2018-08-30:2274639:Comment:7852182018-08-30T00:05:13.403ZLewPahttps://gomarcellusshale.com/profile/LewisLauschus411
<p>Joe,</p>
<p>Got email notice Tuesday morning 8/28 for direct deposit from Christopher Hann at Rex.</p>
<p>Joe,</p>
<p>Got email notice Tuesday morning 8/28 for direct deposit from Christopher Hann at Rex.</p> Same here Joe.tag:gomarcellusshale.com,2018-08-29:2274639:Comment:7851682018-08-29T20:48:32.730ZSarah Violethttps://gomarcellusshale.com/profile/SarahViolet
<p>Same here Joe.</p>
<p>Same here Joe.</p> Anyone's check from Rex late…tag:gomarcellusshale.com,2018-08-29:2274639:Comment:7851062018-08-29T18:38:57.616ZJoehttps://gomarcellusshale.com/profile/HarryS
<p>Anyone's check from Rex late this month? I usually get an email on the 24th and check by the 28th.</p>
<p>Anyone's check from Rex late this month? I usually get an email on the 24th and check by the 28th.</p> What are their leases like?tag:gomarcellusshale.com,2018-08-29:2274639:Comment:7849952018-08-29T12:53:28.996ZJonhttps://gomarcellusshale.com/profile/JonKurtanich
<p>What are their leases like?</p>
<p>What are their leases like?</p> When I came along the group h…tag:gomarcellusshale.com,2018-08-29:2274639:Comment:7848752018-08-29T11:35:01.810ZDavid Allen Lillyhttps://gomarcellusshale.com/profile/DavidAllenLilly
<p>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.</p>
<p>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…</p>
<p>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.</p>
<p>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.</p>
<p></p>
<p>I was certain that the man leading the group was either lying or didn't know what he was talking about.</p>
<p>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. </p>
<p>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.</p>
<p></p>
<p>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.</p>
<p>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".</p>
<p>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.</p>
<p>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.</p>
<p></p>
<p>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. </p>
<p>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.</p>
<p>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.</p>
<p>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. </p>
<p>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.</p> Penn energy is a player and i…tag:gomarcellusshale.com,2018-08-29:2274639:Comment:7850902018-08-29T11:18:01.866ZBob Rockhttps://gomarcellusshale.com/profile/bobroch
Penn energy is a player and is drilling as we speak.
Penn energy is a player and is drilling as we speak.