Sumitomo Corp. acquires more US shale gas acreage

09/13/2010
Rex Energy Corp. entered into a joint venture agreement with Sumitomo Corp. subsidiary Summit Discovery Resources II LLC, to sell and transfer interests valued at $140.4 million in its Marcellus shale assets in Pennsylvania.Sumitomo will pay $88.4 million in cash upon closing and an additional $52 million in the form of a drilling carry for the assets, which include 12,900 net acres, certain producing Marcellus shale wells, and associated midstream assets.In addition to financing its own share of drilling obligations, Sumitomo also agreed to pay 80% of Rex Energy's remaining share of drilling and completion costs until the $52 million drilling carry is fully utilized.In Butler County, Pa....
read-story

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.

 

Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.

Stay Connected