Calls Active as Rex Energy Pops (REXX)
August 31, 2010 2:48 PM
Shares of Rex Energy Corp (NASDAQ: REXX) are soaring today after the company gave updated guidance regarding its production estimates. REXX also announced a new joint venture in the Marcellus Shale. Currently shares are higher by 7.12%, trading at $10.99.
Calls are active today as well. Currently, 3,000 contracts have traded versus 53 puts. Call activity is concentrated in the front month, where the $10.00 strikes has traded 2,030 times on open interest of 281 contracts and the $12.50 strike has traded 958 times on open interest of 446 contracts.
This activity represents a 460% increase in average daily options volume, where 65% of all calls traded have been purchases on the offer.
Rex Energy Corporation is an independent oil and gas company operating in the Appalachian Basin and the Illinois Basin. In the Appalachian Basin, the company is focused on the Marcellus Shale drilling projects. In the Illinois Basin, in addition to the developmental conventional oil drilling, Rex is focused on the implementation of improved oil recovery on the properties. At December 31, 2009, the company operated 2134 wells.
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