Shaner Chairman and CEO Delivers Lecture on Entrepreneurial Spirit

Lance T. Shaner Speaks at His Alma Mater, Alfred University

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. October 14, 2008

STATE COLLEGE, PA, April 28, 2008. Shaner Hotels announced that Lance T. Shaner, Chairman and Chief Executive Officer, delivered the ninth annual Cutco Foundation Lecture on Entrepreneurial Leadership on Tuesday, April 15, 2008 at Alfred University.

Lance Shaner's lecture, entitled "Creating Value in Life and Business," highlighted the principal values he adhered to while creating a diversified business empire which now includes one of the largest privately-held hotel companies in the U.S., and the management of approximately $1 billion in assets. A graduate of Alfred University and native of New York, Lance Shaner and Shaner Hotels now operate a total of 23 properties in 15 states. Throughout Lance Shaner's career in business, he has worked in finance and venture capital, focusing on contract negotiations and acquisitions.

"I decided that perseverance and a commitment to educate myself in finance, investing and capital was the only way I was going to move forward, with my dream of owning my own company," said Lance Shaner.

Shaner Hotels recently solidified a $200 million partnership with Rothschild Investments (Five Arrows Realty), and will complete construction of fifteen new Marriott hotels by 2010. Based in State College, PA, the Shaner companies also include Shaner Solutions, which provides comprehensive accounting, payroll and tax services to all Shaner Hotel properties and affiliated companies. Mr. Shaner is also Chairman of Rex Energy, an oil and gas company, which became the publicly-traded Rex Energy Corporation (NASDAQ: REXX) in 2007.

"A leader must have an ability and willingness to carefully assess national trends to be able to make an educated decision as to what future demands and what one's specific business will look like in five to ten years down the road," said Lance Shaner. "Risk taking is encouraged - and rewarded."

Mr. Shaner also emphasized that success in business requires courage, vision, determination and a willingness to take risks, just as success in life does, but that this is only made possible through the support, love and respect of one's friends and family. These core values in life and business create a "win-win game" for shareholders, associates, family and society collectively.

"What this means is creating balance in your priorities and decision making, to recognize what is a fair and equitable transaction, with some benefit to all parties concerned."

This balance, Shaner said, can only come about by demonstrating fairness and compassion - not just through the funding of charitable causes, but by seeing the unique value in the potential of individuals and wanting to make a difference in the lives of others.

Privately-held Shaner, parent company of Shaner Hotels, is based in State College, PA. It owns and manages diverse holdings in the lodging, investment, energy and professional services sectors. For more information, visit us online at: http://www.ShanerCorp.com.