REXX » Topics » Oil And Gas Property Acquisitions

This excerpt taken from the REXX 10-Q filed Nov 14, 2007.

Oil And Gas Property Acquisitions

On October 12, 2007, the Company’s wholly owned subsidiary, Rex Energy I, LLC, acquired a forty percent (40%) working interest in certain undeveloped oil and gas leases covering approximately 5,878 net acres located in Knox County in the State of Indiana. The interests were acquired from HAREXCO, Inc., an Illinois corporation doing business in the State of Indiana under the assumed name of Harris Energy Company (“Harris Energy”), for a purchase price of $235,133.16. In connection with this sale, Harris Energy reserved a four percent (4.0%) of forty percent (40.0%) overriding royalty interest in the conveyed properties and a ten percent (10.0%) of forty percent (40.0%) back-in-after-payout working interest in the first five net wells drilled on the acquired properties, the properties previously acquired from Harris Energy on May 24, 2007, or any other properties which are subsequently acquired from Harris Energy. Rex Energy I, LLC was obligated to purchase the above interests pursuant to the terms of a purchase and sale agreement dated May 24, 2007, which was previously entered into by its predecessor in interest, Rex II.

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki