Rex Energy Corp. announced Wednesday that it is acquiring 208,000 acres in western Pennsylvania and eastern Ohio from a Shell subsidiary for $120 million.
The company, based in State College, Pa., said the additional acreage would boost its footprint in the Appalachian Basin by 200 percent.
It will pay $120 million to SWEPI LP, an affiliate of Royal Dutch Shell.
The deal, covering assets in the Utica, Marcellus and Upper Devonian shales, is expected to close in September.
The assets are located in Armstrong, Beaver, Butler, Lawrence, Mercer and Venango counties in Pennsylvania, and Columbiana and Mahoning counties in Ohio.Click here to read the whole article.
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