FOGL Briefs Interim Results for 1H11

- FOGL Briefs Interim Results for 1H11

Wednesday, September 07, 2011

Falkland O&G Ltd.

FOGL announced its Interim Results for the six months ended June 30, 2011.

Highlights

• Contract signed for the Leiv Eiriksson drilling rig for two firm slots in first half 2012.
• Operatorship and remaining 51% equity in Northern License Area assigned back to FOGL by BHP Billiton together with a significant cash settlement.
• Completed the site survey and 2D seismic program.
• Equity placing raised US $51.8 million before expenses. Cash balance of $110.6 million at period end (2010: $80.4MM).
• Current available funds, including BHPB settlement, of $150.6 million.

Richard Liddell, Chairman of FOGL, said, "We made good progress during the first half of 2011, during which we negotiated the exit of BHPB from our licenses and regained complete control and operatorship of our license areas while also securing a significant cash payment from BHPB. This was an excellent outcome, which has enabled us to drive forward with the most important phase of our exploration program. In addition, we successfully raised $51.8 million through a share placing, which, combined with existing cash resources and BHPB's payment, leaves us in a strong financial position to drill two wells in 2012. We also signed a rig contract and expect drilling to commence with the Loligo well in the first quarter of 2012. In addition, a number of other prospects have been selected and prioritized as possible targets for the second well in the program."

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Rex Appoints Interim CEO

- Rex Appoints Interim CEO

Friday, June 03, 2011
Rex Energy Corp.

Rex announced that Lance Shaner, currently chairman of the board of Rex Energy, has been appointed interim president and chief executive officer to replace Dan Churay, who is leaving the company. The company's board has commenced a search for a new CEO with an energy industry operational background, including both external and internal candidates. Patrick McKinney, executive vice president and chief operating officer, and Tom Stabley, executive vice president and chief financial officer, will continue in their roles under their existing employment agreements supporting Mr. Shaner while the board conducts the search.

Mr. Shaner commented, "The board of directors and I would like to thank Dan for his years of service on the board as past chairman of the compensation committee and his many contributions to the company during his tenure as CEO, especially in the areas of strategy, governance, talent management and the disposition of litigation against the company. We are looking forward to finding a new CEO with exploration and production experience at the conclusion of our search."

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