- Rex Energy (NASDAQ:REXX) agrees to acquire ~208K gross acres in the Marcellus, Upper Devonian/Burkett and Utica shales in Pennsylvania and Ohio from Royal Dutch Shell (RDS.A, RDS.B) for ~$120M.
- REXX says the additional acreage, combined with recent leasing, will bring its position in its Butler Operated Area to ~298K gross acres.
- Assets include ~16M cf/day either currently producing or available to produce with minimal capital investment, and additional expected production of ~13M cf/day available from wells in various stages of development.
- To fund the acquisition, REXX announces a proposed offering of $125M of depositary shares representing convertible perpetual preferred stock.
- REXX +1% AH.