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Daniel Churay named as Rex Energy’s new CEO November 1, 2010

Posted by mytruthaboutoil in Oil giants.
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The oil and Gas giant Rex Energy Corp appointed industry veteran and board member Daniel J. Churay as president and chief executive.

Interim CEO Lance Shearer said Churay’s 20 years of experience “dealing with the oil and gas industry, his capital markets knowledge” will be of “great benefit” to Rex Energy’s continuing development.

Churay succeeds former Benjamin Hulburt, who left the company last month to pursue other interests.

The oil-and-gas company, with operations mostly in the Illinois and Appalachian basins, returned to the black in recent quarters after posting a string of losses since commodity prices fell from record highs in 2008. It bolstered its balance sheet in August, receiving $88.4 million for its Marcellus Shale assets in Pennsylvania as they were transferred into a joint venture with Sumitomo Corp. (SSUMY, 4005.TO).

Churay has been on Rex’s board since 2007, including serving as chairman of the compensation committee. He has served as general counsel and secretary of trucking and logistics company YRC Worldwide Inc. (YRCW) for the past eight years. Churay’s prior experience includes eight years at Baker Hughes Inc. (BHI), where he served as deputy general counsel, advising the oil-field services company on mergers and acquisitions and the formation of its WesternGeco business.

Rex’s shares closed Friday at $12.33 and were inactive premarket. The stock is up 52% the past year.

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