Rex Energy Announces Sale of Non-Operated Oil and Gas Interests in Westmoreland, Centre and Clearfield Counties
By GlobeNewswire, March 14, 2018, 04:05:00 PM EDT
STATE COLLEGE, Pa., March 14, 2018 (GLOBE NEWSWIRE) — 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.