Rex Energy Announces Sale of Non-Operated Oil and Gas Interests in Westmoreland, Centre and Clearfield Counties
March 14 2018 - 4:05PM
Rex Energy Corporation (Nasdaq:REXX) (“Rex Energy” or the
“Company”) today announced that it entered into a Purchase and Sale
Agreement (“PSA”) with XPR Resources, LLC (“XPR”) pursuant to which
the Company has agreed to sell to XPR certain of its non-operated
oil and gas interests in Westmoreland, Centre and Clearfield
Counties, Pennsylvania, along with associated production and other
ancillary assets. The effective date for the transactions
under the PSA is January 1, 2018.
Rex Energy expects to receive net proceeds at closing of
approximately $17.2 million (subject to customary closing and
post-closing adjustments). The assets that are being divested are
non-core and were not included in the Company’s future development
plans. Included in the sale are 61 gross wells in Westmoreland,
Centre and Clearfield Counties in Pennsylvania; the assets are
currently producing approximately 8.2 Mmcf/d. The
transactions are expected to close within 15 days, subject to the
satisfaction of customary closing conditions and receipt of
required consents and approvals.
SunTrust Robinson Humphrey, Inc. acted as exclusive financial
advisor to the Company on this transaction.
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities and Exchange Act of 1934.
Forward-looking statements are based on current beliefs and
expectations and involve certain assumptions or estimates that
involve various risks and uncertainties, such as financial market
conditions, changes in commodities prices and the other risks
discussed in detail in the Company’s Annual Report on Form 10-K for
the year ended December 31, 2015 and other subsequent filings with
the Securities and Exchange Commission. Readers should not
place undue reliance on any forward-looking statements, which are
made only as of the date hereof. Rex Energy has no duty, and
assumes no obligation, to update forward-looking statements as a
result of new information, future events or changes in the
Company’s expectations.
About Rex Energy Corporation
Headquartered in State College, Pennsylvania, Rex Energy is an
independent oil and gas exploration and production company with its
core operations in the Appalachian Basin. The company’s strategy is
to pursue its higher potential exploration drilling prospects while
acquiring oil and natural gas properties complementary to its
portfolio.
For more information contact:
Investor Relations(814)
278-7130InvestorRelations@rexenergycorp.com