Rex Energy Corporation Announces Sale of Midstream Assets and Increase in Borrowing Base.

 

STATE COLLEGE, Pa., May 7, 2012 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Rex Energy) (Nasdaq:REXX - News) announced today that it, together with its partners in Keystone Midstream Services, LLC (Keystone), entered into an Agreement and Plan of Merger with a subsidiary of MarkWest Energy Partners L.P. (MarkWest) pursuant to which MarkWest will acquire Keystone for a purchase price of $512 million. Rex Energy holds a 28% interest in Keystone and expects net proceeds from the sale (after taxes and subject to customary post-closing adjustments and escrows) to be approximately $120 million, exceeding the previously announced range of $90 to $110 million in combined expected proceeds from the sale of its midstream and Rockies assets. The transaction is subject to customary conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to close during the second quarter of 2012. Evercore Partners advised Keystone Midstream Services, LLC with respect to this transaction.

 

 

Here's one of two price target revisions to the upside today.

 

 

And here is the other from late today.

 

 

Lol,its a bit small but you can see it if you click on it. Brean Murray and co. raises PT from $14 to $15. I am hoping for another intra-day plunge between 10.25 and 10.50  for one more buy.

 

 

Added more this morning at 10.65. Expect news of their Bluestone Cryogenic Facility being commissioned in late May according to the recent conference  call. Its interesting that the last four daily bars came right down to that diagnal trend line and held..........so  far.

ouch...down on a decent day in natgas...thats a bit outta the ordinary

Was thinking the same thing...  she's starting to come back to life now  10.90 0.12(1.09%) 

HOD was 11.11 one penny shy of the ATR. Would like to see this close around 11.0 or so today. Volume is still light at 366 k. Lets see if afternoon buyers come in and take this higher which would be nice. I think REXX has held up very well over the last week given market conditions.If markets start to bounce,this could see 12 sometime next  week which is my exit.

Here we Go  11.20 0.18(1.63%)
 

finally green with the rest of natgas

Closed HOD 11.21 0.19(1.72%) 
 

Great close,I did not expect that. I see you bought more in the low 10.30's. Good for you.

 

 

Note.......While short interest is still significant,it has come down in the last few months from 30%, to 23% a month or so ago,to its current short interest of 19.85%.

 

We are also very close to the 100 day SMA of 11.26.

We probably want to see a breakout through the 100 and then come back to test it as support, I might even get back into it from the low 11s if that pans out. I was close to buying in 10.20s but took my eye off the ball for what seemed like moments and it screamed to 10.50s.

yea holding well...but a revisit to those lvls is def not outta the question

For sure... this is one stock I will almost never chase, and I should make it never, ever. Last time I ended up with the kid's money tied up for 2 months, granted the market was mostly sideways overall during that time. If I had played it the way I meant to, would have made a quick $1 profit then reloaded all under 10 on the swoon before this earnings. Such is life, live and hopefully learn.

here a lil sell off under 11...back near lod

I am thinking the same. Anything over 12 and i am out lookng to buy again in the 11.0 's. I am liking the chart set up right now.

Is today the day we start the next leg up..maybe a breakout above $11.30?
 

well its a good start...with natgas flat ot down 1% and REXX holding green

 

Yeah Nat Gas traded pretty flat since tuesday afternoon's run...Rexx keeps trying to make a run at $11.30...I think we get that push later today..

doing well to this point today 3%+