Rochester, NY 6/30/2009 10:28:05 AM
After Hours Report - WMB - Subsidiary Of Williams Companies Enters Into Exploration Agreement with Rex Energy Corporation - Sourced WhisperFromWallStreet.com
The Williams Companies, Inc.
After Hours Report - WMB - Subsidiary Of Williams Companies Enters Into Exploration Agreement with Rex Energy Corporation - Sourced WhisperFromWallStreet.com
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WILLIAMS COS,WMB
Rex Energy Corporation announced an agreement with a subsidiary of Williams Companies to pursue the development of the Marcellus Shale. Under the terms of the agreement, Williams will acquire a 50% interest in Rex Energy's leasehold interests in Westmoreland, Clearfield and Centre Counties in Pennsylvania, covering approximately 44,000 gross, (44,000 net) acres for approximately $33 million, which will be paid through a drill to earn structure. The participation and exploration agreement effectively provides that, for Williams to earn its 50% interest in the project areas, Williams will bear 90% of all costs and expenses incurred in the drilling and completion of all wells jointly drilled in the project areas until such time as Williams has invested $74 million ($33 million on behalf of Rex Energy and $41 million for Williams' 50% share of the wells). After Williams funds its initial carry, the parties will share all costs of joint venture operations in accordance with their participating interests, which are expected to be on a 50/50 basis.
About
The Williams Companies, Inc., through its subsidiaries, engages in the production, gathering, processing, and transportation of natural gas in the United States. The company operates in four segments: Exploration and Production, Gas Pipeline, Midstream Gas and Liquids, and Gas Marketing Services. The Exploration and Production segment produces, develops, and manages natural gas reserves primarily located in the Rocky Mountain and Mid-Continent regions of the United States. It also has oil and gas interests in Argentina and western Venezuela.
Last Trade: 15.64
Day's Range: 15.30 - 15.79
52wk Range: 9.52 - 40.59
Volume: 6,310,418
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