Rex Energy - Q1 CC Highlights -05/09/08 - (StreetInsider.com)

On April 14, 2008, our bank syndicate on our senior line of credit increased our borrowing base from $75 million to $90 million. Additionally, on May 5, 2008, we completed an offering of 5,775,000 shares of common stock, which included shares sold pursuant to an over-allotment option granted to the underwriters of the offering, at a price of $20.75 per share. The offering resulted in net proceeds to us of approximately $112 million after underwriters' discounts.
Concerning our increased line of credit and recent equity offering, Mr. Hulburt commented, "We are very excited to have access to a greater borrowing base and to have completed this additional equity offering, which positions us to continue to execute our business plan while maintaining a conservative balance sheet. Following the offering, we will initially have a debt free balance sheet with the capital we need to continue to aggressively expand our Marcellus Shale position and develop our Lawrence Field ASP project

Commenting on our Marcellus Shale progress, Mr. Hulburt said, "We continue to be very encouraged with the potential for Marcellus Shale exploration on our acreage in Pennsylvania. The initial results from our first vertical test well completed in the Marcellus Shale have been very positive. Our leasing efforts in our Marcellus Shale prospective areas are also continuing to show positive results. We believe that we will achieve our leasing goal of expanding our Marcellus Shale prospective acreage by 30,000 to 50,000 net acres during 2008