Rex Energy Files For Secondary (REXX)

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Rex Energy Corporation (NASDAQ: REXX) has filed with the SEC for a secondary offering of 8 million shares today.  KeyBanc Capital Markets is listed as the sole selling agent.

As far as the use of proceeds, 4 million shares will be sold by existing shareholders and 4 million shares will be sold by the company.  After the overallotment, if used, the proposed offering based on a recent close would be $128 million, which compares to a market cap of $575 million.

Rex is an independent oil and gas company operating in the Illinois Basin, the Appalachian Basin, and the Southwestern Region of the United States.

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Since coming public, Rex has risen steadily and its post-IPO trading range was $7.55 to $17.95.  This came public back in July 2007 with a 9.6 million share offering at $11.00, and KeyBanc was the lead there at the IPO time as well.


Rex Energy closed up over 7% today at $18.68, a new high, although shares are down some 3% at $18.05 in after hours trading.

Jon C. Ogg
April 7, 2008