Rex Energy Corporation announced that its Board of Directors has authorized the company to pursue the sale of its Southwestern Region assets. The assets include all of the Company's properties in Texas and New Mexico, predominantly located in the Permian Basin. The Company has retained the investment banking firm of KeyBanc Capital Markets, Inc. to assist in the marketing efforts.
The proceeds of the anticipated sale are expected to 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 (ASP) projects in the Illinois Basin.
Benjamin W. Hulburt, President and Chief Executive Officer said, "Our decision to divest these non-core assets is part of our strategic plan to focus our efforts and capital investment in our ASP flood projects in the Illinois Basin and our Marcellus Shale exploration projects in the Appalachian Basin."
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