Eclipse Resources Announces Formation and $150 Million Equity Commitment
STATE COLLEGE, Pa., Jan 21, 2011 /PRNewswire/ — Benjamin W. Hulburt and Christopher K. Hulburt, former senior executive officers of Rex Energy Corporation (Nasdaq: REXX), announced today that they have formed Eclipse Resources I, LP (“Eclipse Resources”), an independent oil and natural gas company headquartered in State College, Pennsylvania. Eclipse Resources is being formed in partnership with EnCap Investments L.P. (“EnCap”) with $150 million of total equity committed from EnCap and Eclipse Resources’ management. Eclipse Resources will focus on the acquisition, exploration and development of unconventional oil and natural gas properties in the Appalachian Basin, including the Marcellus Shale, Utica Shale and Upper Devonian Shales.
Prior to forming Eclipse Resources, Benjamin Hulburt served as President and Chief Executive Officer of Rex Energy, with operations in the Appalachian Basin, Illinois Basin and Rockies region of the United States. Mr. Hulburt co-founded the first Rex Energy partnership in 2001. In 2007, he led the Rex Energy-affiliated group of companies through its merger and initial public offering. Mr. Christopher Hulburt served as General Counsel, Executive Vice President and Secretary of Rex Energy Corporation, where he was responsible for managing all legal and compliance affairs, contract negotiations and legal due diligence.
“Chris and I are very excited to be partnering with such a well-respected firm in this new endeavor and appreciate the confidence EnCap has placed in the Eclipse Resources team. We are pursuing acquisition opportunities in the Appalachian Basin, commencing grass roots leasing in our target areas and continuing to expand our team. I am confident that with the experience and significant financial capabilities of our new partner, Eclipse Resources will grow into a successful and respected enterprise,” stated Benjamin Hulburt.
About Eclipse Resources
Eclipse Resources is focused on the acquisition, exploration and development of unconventional oil and natural gas properties in the Appalachian Basin, including the Marcellus Shale, Utica Shale and Upper Devonian Shales. Headquartered in State College, Pennsylvania, Eclipse Resources follows the success of the management team’s proven track record in building successful oil and gas enterprises.
For more information, please visit www.eclipseresources.com.
About EnCap Investments
Since 1988, EnCap has been the leading provider of private equity to the independent sector of the U.S. oil & gas industry. The firm has raised 14 institutional oil and gas investment funds totaling $7 billion and currently manages capital on behalf of over 200 U.S. and international investors. EnCap professionals represent more than 250 years of experience in the energy finance and investment business and have established a reputation as an innovative, “value-added” source of private capital to the independent sector. EnCap has a proven track record having successfully invested with over 170 upstream and midstream oil & gas companies.
For more information, please visit www.encapinvestments.com.
SOURCE Eclipse Resources