Philadelphia, PA, January 8, 2022 - Resource America, Inc., (Nasdaq: REXI) (the "Company") announced today that it closed 2001 with a record total of $51.3 million in partnership proceeds, up from $33.8 million last year, an increase of 52%. When these funds are totally deployed by early 2002, Resource America will have drilled approximately 250 new wells. If all these wells are completed, the Company will own or operate over 4,850 wells.
Freddie Kotek, President and Chairman of the Board of Atlas Resources, Inc., the managing general partner for the partnerships and a wholly owned subsidiary of the Company, commented, "We are pleased to have exceeded last year’s record fund raising by more than 50%. Our successful raise of $51 million along with our own commitment of capital enables us to invest approximately $70 million in new wells and will allow us to drill more efficiently throughout the entire year. We will now be able to drill 250 new development wells in western Pennsylvania and southern Ohio, our primary areas of investment activity."
Statements made in this release may include forward-looking statements, which involve substantial risks and uncertainties. The Company’s actual results, performance or achievements could differ materially from those expressed or implied in this release as a result of many factors, including competition within the energy industry, climactic conditions, volatility in the price of gas in the Appalachian area, actual versus projected drilling activity from wells connected to the Partnership’s gas-gathering pipeline system, and the cost of supplies and services in the energy industry.