Rex Energy Closes Illinois Basin Asset Sale

8/23/16

STATE COLLEGE, Pa., Aug. 22, 2016 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) announced today that it has closed on the previously announced sale of its Illinois Basin assets to Campbell Development Group, LLC. The sale of the Illinois Basin assets includes approximately 76,000 net acres in Illinois, Indiana and Kentucky; the assets are currently producing approximately 1,700 net barrels per day. Rex Energy is selling its entire interest in the basin and has received net proceeds from the sale of approximately $40 million with the potential for additional proceeds of up to $10 million over the next three years based on commodity prices during that time frame. The proceeds will be used to pay down the revolving line of credit and for general corporate purposes.

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.

Recent Deals

Interested in advertising your deals? Contact Edwin Warfield.