Rex to Divest U.S. Southwestern Assets
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."
- Rex Reports Output Updates at Appalachian Basin Ops (Mar 26)
- Rex Highlights Production Results from First Ohio Utica Well (Sep 26)
- Rex Energy Wraps Up Drilling Ops at First Utica Well (May 29)