Williams, Rex Energy team up to drill, develop natural gas wells in Marcellus Shale

摘要

Williams has teamed up with Rex Energy Corp. to develop natural gas wells in the Marcellus Shale. Williams is acquiring a 50% interest in nearly 44,000 net acres in Pennsylvania's Westmoreland, Clearfield, and Centre counties for $33 million in a "drill to earn" structure. Williams will drill to earn its 50% by incurring 90% of costs and expenses associated with drilling and completion of wells in the area until it has invested $33 million on behalf of Rex Energy and $41 million in its own costs and expenses. Williams has until the end of 2011 to fulfill its funding obligations.