Acquisitions & Divestitures

Summit Discovery Resources II LLC, a subsidiary of Sumitomo Corp., Tokyo, (Tokyo: 8053) has entered a joint venture concerning Pennsylvania Marcellus acreage with Rex Energy Corp., State College, Pa., (Nasdaq: REXX) for $140.4 million.

Sumitomo will pay $88.4 million at closing and an additional $52 million in drilling carry. Sumitomo has agreed to fund 80% of Rex Energy’s remaining drilling and completion costs until the $52-million drilling carry is fully utilized.

The assets include 12,900 net acres, certain producing Marcellus shale wells and associated midstream assets. Rex remains operator.

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