Rex Energy Corporation has closed the previously announced Butler Operated Area acquisition from SWEPI, LP, an affiliate of Royal Dutch Shell plc (Shell).
Total consideration paid was approximately $120 million and the transaction has an effective date of July 1, 2014. The final purchase price is subject to customary post-closing adjustments.
The company funded the transaction primarily from the net proceeds of its recent offering of convertible perpetual preferred stock.
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Rex Energy Corporation
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