Rex Energy Corp. (NASDAQ: REXX) offered about 1.3 million depositary shares that each represented one one-hundredth interest in a share of Series A, convertible, perpetual preferred stock, the company said Aug. 12.
Underwriters were given a monthlong option to purchase up to 187,500 additional depositary shares to cover overallotments, the company said.
The net proceeds will fund the acquisition of Appalachian Basin acreage from Swepi LP, an affiliate of Royal Dutch Shell Plc (NYSE: RDS-A, RDS-B). They also will fund the capex program and support general corporate purposes, Rex added.
RBC Capital Markets is the sole structuring adviser and sole book-runner, Rex said.
State College, Pa.-based Rex Energy Corp. explores and produces natural gas and oil in the Appalachian and Illinois basins.
Recommended Reading
Post $7.1B Crestwood Deal, Energy Transfer ‘Ready to Roll’ on M&A—CEO
2024-02-15 - Energy Transfer co-CEO Tom Long said the company is continuing to evaluate deal opportunities following the acquisitions of Lotus and Crestwood Equity Partners in 2023.
Report: Crescent Midstream Exploring $1.3B Sale
2024-04-23 - Sources say another company is considering $1.3B acquisition for Crescent Midstream’s facilities and pipelines focused on Louisiana and the Gulf of Mexico.
Pembina Pipeline Enters Ethane-Supply Agreement, Slow Walks LNG Project
2024-02-26 - Canadian midstream company Pembina Pipeline also said it would hold off on new LNG terminal decision in a fourth quarter earnings call.
TC Energy’s Keystone Back Online After Temporary Service Halt
2024-03-10 - As Canada’s pipeline network runs full, producers are anxious for the Trans Mountain Expansion to come online.
Waha NatGas Prices Go Negative
2024-03-14 - An Enterprise Partners executive said conditions make for a strong LNG export market at an industry lunch on March 14.