Rex Energy (REXX) reported that the company has signed a joint venture agreement in the Marcellus Shale with the Sumitomo Corporation. The transaction is valued at $140.4 million, including $88.4 million in cash and a drilling carry by the Sumitomo Corporation of $52 million.
Rex Energy said that the joint venture would include 15% of the company’s 41,100 net acres in Butler County, Pennsylvania. Rex Energy will remain as operator of the wells. The Sumitomo Corporation agreed to pay $61.6 million, or $10,000 per net acre for this acreage. Rex Energy also sold a 30% interest in twenty Marcellus Shale wells for $19.1 million, and 30% of a midstream venture for $3.9 million.
Rex Energy said that it would sell a 20% interest in 22,100 net acres for $35.9 million, or $8,115 per net acre. This acreage is located in the Williams Companies (WMB) joint venture acreage.
Rex Energy will also sell a 20% interest in nineteen Marcellus Shale wells in this area for $5.7 million. In Fayette and Centre Counties, Rex Energy sold 50% of its interests in 4,600 net acres for $18.5 million, or $8,115 per net acre.
