Resource America, Inc.
1521 Locust St. - 5th Floor
Philadelphia, PA 19102
(215) 546-5388 (facsimile)
Resource America, Inc. Announces Acquisition of New Assets
Philadelphia, PA - August 1, 2022 - Resource America, Inc. (Nasdaq-REXI)(the "Company") announces that, through a subsidiary, it has completed the acquisition of certain assets previously held by Castle Gas Co., Inc. headquartered in Pittsburgh, PA with operations in western Pennsylvania and West Virginia. These assets include existing production and more than 10,000 acres of mineral rights located in Fayette, Washington, Greene and Westmoreland counties in Pennsylvania. The Company intends to make these mineral rights available to investment programs sponsored by its wholly owned subsidiary, Atlas America, Inc. The acquisition will add more than 110 wells and more than 100 drilling sites to the Company's inventory.
Frank Carolas, Executive Vice President of Atlas America and Director of Geology and Land, commented, "this is a strategic acquisition which will enhance our operations by adding production and significant drilling opportunities. Atlas America continues to accumulate drill sites and expand its holdings of undeveloped acreage, and is now one of the leading oil and gas developers in the Appalachian Basin."
Atlas America, Inc., a wholly owned subsidiary of Resource America, Inc., is an independent energy company engaged in the finance, development, production and sale of natural gas in the Appalachian Basin.
Resource America, Inc. operates businesses in energy and real estate finance.
Statements made in this release 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 certain factors, including competition within the energy industry, climactic conditions and the price of gas in the Appalachian area, actual versus projected drilling activity and the volumetric production from the wells, and the cost of supplies and services in the energy industry.