Business Briefs

Rex Energy posts second-quarter results

Rex Energy recently announced results for the second quarter and first half of 2008. Highlights include:

Production volumes for the first half of 2008 increased to 516,784 barrels of oil equivalent, up 5.5 percent from the same period in 2007

Revenues for the first half of 2008 increased to $38.8 million, up 46.3 percent from the same period in 2007

Earnings before interest, taxes, depreciation, amortizations and exploration expenses for the first half of 2008 increased to $18.2 million, up 71.9 percent from the same period in 2007. Those earnings in the second quarter 2008 increased to $9.5 million, up 76.5% from the same period in 2007.

Production volumes in the second quarter 2008 increased to 259,413 barrels of oil equivalent, up 7.9 percent from the same period in 2007. Of that figure 77 percent is attributable to oil, with the majority coming from the Illinois Basin operations. The average realized oil price in the second quarter 2008, before the effect of derivatives, was $120.48 per barrel, up 98.5 percent from the second quarter of 2007.

Revenues in the second quarter 2008 increased to $20.4 million, up 52.1 percent from the same period in 2007.

ELA Sport working projects for Little League, Steelers

ELA Sport, a division of ELA Group Inc., is involved with projects at the Williamsport Little League complex and the Pittsburgh Steelers training facility in Latrobe.

ELA, which has an office in State College, is providing design and engineering for a new retaining wall at the Little League complex.

It will also design the new synthetic turf practice field and natural grass field renovations for the Pittsburgh Steelers training facility at St. Vincent College in Latrobe.

Rex subsidiary completes Indiana land sale

Rex Energy Corp.’s wholly owned subsidiary, Rex Energy I LLC, has completed the sale of approximately 79,000 net undeveloped acres in Indiana and certain related non-producing wells for approximately $8.4 million.

The acreage divested consisted of all of Rex Energy’s interests in acreage known as the Wabash and Lawrence areas of mutual interest, which are operated by Aurora Oil and Gas Corp. It also included all of its undeveloped acreage in Knox, Sullivan and Daviess counties, Ind., which was operated by Rex Energy.

The proceeds of this sale will be used to fund a portion of Rex Energy’s planned capital budget items, including its Marcellus Shale exploration projects in the Appalachian Basin and its Alkali-Surfactant-Polymer projects in the Illinois Basin.

Urish Popeck forensic unit partners with security firm

The forensic services group of Urish Popeck & Co. has entered into a joint venture with The Whitaker Group to jointly service Urish Popeck’s expanding fraud, forensic and litigation services practice.

Urick Popeck is a certified public accounting firm with offices in Washington, D.C., Pittsburgh, Naples, Fla., and in Penn State’s Innovation Park.

The Whitaker Group specializes in investigation, security services and management consulting to corporations and the insurance industry.

Through the joint venture, Urish Popeck can offer the services of 15 professionals specializing in fraud auditing and forensic accounts, forensic and valuation services, IT risk and security, corporate investigation and security, litigation support and more.

Blair Medical granted accreditation for echo lab

Blair Medical Associates Inc., in Huntingdon, was granted accreditation by the Intersocietal Commission for the Accreditation of Echocardiography Laboratories.

The lab is one of the first 1,000 echocardiography laboratories in the United States, Canada and Puerto Rico to be recognized for its committment to high quality patient care and quality diagnostic testing.

Pennoni among top environmental firms

Pennoni Associates, a consulting engineering firm headquartered in Philadelphia with a State College office, was ranked 190th on the Engineering News Record’s list of the Top 200 Environmental Firms.

Pennoni’s environmental services make up 20 percent of its total gross revenue, focusing on commercial development and construction, industrial compliance and regulatory affairs and alternative energy sources.

Pennoni also was ranked as a Top 75 Architectural/Engineering/Construction Management Firm by Public Works Magazine for the fourth consecutive year.

AccuWeather programs honored in contest

AccuWeather video programming won five bronze statues from the 29th annual Telly Awards, a national and international competition honoring commercials, videos, films and Internet work.

The winning AccuWeather segments include:

“Rewind with Kate and Karah” in the Entertainment and Talk Show categories, featuring AccuWeather’s Kate Bilo and Karah Donovan discussing the past week’s weather and headline news.

“Entertainment Weather: So You Think You Can Dance” in the Entertainment category. The program is another weekly segment with Donovan, helping viewers plan the weekend with unique reports that show the best weekend entertainment options based on the upcoming weather.

“Weather Detectives: The Case of the SUV Rollover” in the Education and Entertainment categories. The show profiles forensic meteorology and what happens when weather and litigation collide.

The three AccuWeather series included among this year’s recipients are available both online and on air.

AccuWeather also has joined with D&E Communications Inc. to launch the D&E Local AccuWeather Channel in State College. The channel features continuous local weather coverage as well as national and regional forecasts and breaking weather news provided by It is available on D&E Communications digital cable Channel 97.

Tech business partners with management firm

State College-based Ultran Group has teamed with Prima Problem Solving Inc. to accelerate the launch of its revolutionary non-contact ultrasound technology and other products.

Ultran develops transducers, systems and services for advanced materials testing and characterization. Prima is a multifaceted business management and manufacturing solutions firm with offices in Pittsburgh and State College.

Rocco Petrilli, managing partner of Prima, has been named to Ultran’s board of directors. He will work with the Ultran team in areas of strategic plan development, business plan execution, organizational and financial resource optimization and business growth management.

Graystone reports quarterly results

Graystone Financial Corp., the parent company for Graystone Bank, announced recorded net income of $303,000 for the second quarter of 2008.

During the quarter, earnings increased $357,000 compared to a net loss of $54,000 during the same period in 2007.

Graystone also reported that as of June 30, total assets grew to $565.3 million, an increase of $213.5 million or 60.7 percent.

Loans and deposits also continued to grow, totaling $499.6 million and $449.5 million, respectively at June 30. Loans increased by more than 80 percent, while deposits grew by 52 percent from June 30, 2007.

OIT collaborates with Erie company

Optical Image Technology Inc., creators of the DocFinity suite of document management and workflow software, has entered a partnership with Erie Custom Computer Applications.

The Erie-based company offers customer software solutions and services for data processing and payroll management. Together the companies offer a host of products and services designed to meet insurers’ needs.

Local business named top craft retailer

The Artisan Connection of State College was named one of NICHE magazine’s top retailers of 2008 — the only business in Pennsylvania to be recognized.

A total of 33 retailers and gallery owners from across the country were recognized in a ceremony during the Buyers Market of American Craft in Philadelphia. The awards recognize craft retailers who are committed to fair business practices.

From CDT staff reports