rex energy rescinds lease offers

just an update from sw pa this week rex energy sent letters to many lease holders stating that they are no longer interested in leases signed back in august 2008

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Permalink Reply by May on March 6, 2009 at 2:05pm
Was there a reason given? If a lease is signed, it is often contingent on a clear title opinion. Maybe Rex cannot legally take the lease due to title issues. They have a lot of acreage in southwestern PA, can't imagine they would turn down leases in this area just to be jerks.
Permalink Reply by Ray Schrader on March 6, 2009 at 6:18pm
I am in north central PA. ( Clearfield County). I signed my lease at the end of August, 2008. I have already received my lease payments. I have not received any letters from Rexx Energy!! Anyone know what this actually means to me???
Permalink Reply by Vic on March 6, 2009 at 6:28pm
Rex Energy has classified all 2008 and prior period amounts related to its operations in the Southwestern Region as discontinued operations due to its anticipated sale of these assets during the first quarter of 2009.
Permalink Reply by richard bender on March 7, 2009 at 9:54am
thanks for the info vic is the buyer xto?
Permalink Reply by Vic on March 7, 2009 at 11:12am
Richard i don't no who the buyer is but I will see what I can find out on this issue and will post what i find out.
Permalink Reply by richard bender on March 7, 2009 at 11:13am
in regards to vic the southwestern region you are mentioned is in texas not pennsylvania
Permalink Reply by Vic on March 8, 2009 at 11:26am
The Southwestern Region that Rex is talking about is in the Permian Basin which is located in Texas and New Mexico, the Marcellus is located in the Appalachian Basin and is one of the hottest spots for drilling, Rexs 2009 drilling program involves drilling something like 6 horizontal wells in your area. I know that Patterson Drilling has stacked out most of there rigs in the permian basin and is moving rigs from there midland yard to the marcellus shale with rig 315 being the first rig which is drilling in PA right now, and sometime by the end of March they will have a 2nd rig in Virgina drilling a horizontal in the marcellus
Permalink Reply by beetle on March 11, 2009 at 9:58pm
Patterson has a rig drilling near my home......are they drilling for Rex energy? Just curious
Permalink Reply by L Lomison on March 7, 2009 at 7:03am
I am located in Central Pa and I signed with East Resources. They have yet to pay me and they sent a letter stating they don't have the money. They are trying to find a partner or fiancing but I haven't heard anything yet. There were quite a few people that signed when I did.
Permalink Reply by Gary Redwine on March 7, 2009 at 9:13pm
How much are they offerring?
Permalink Reply by Vic on March 8, 2009 at 9:06pm
Gary from the information that I was given these assets in the Southwestern Region which you know is located in the Permian Basin are being bought by Adventure Exploration Partners, LLC of Midland, the asset offer is around $18 million. Whats the name of your company in Dallas?
Permalink Reply by Gary Redwine on March 10, 2009 at 1:29am
Redwine Resources, Inc.

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