Rex Energy Announces Re-Affirmed Borrowing Base of $190 Million
STATE COLLEGE, Pa., July 05, 2016 (GLOBE NEWSWIRE) -- Rex Energy Corp. (Nasdaq:REXX) (“the company”) announced that its bank group has reaffirmed the existing $190 million borrowing base under the company’s senior secured credit facility, inclusive of the previously announced sale of the Illinois Basin asset.
“I would like to thank our bank group for their continued support of Rex Energy,” said Tom Stabley, Rex Energy’s President and Chief Executive Officer. “One of the key components of our strategy is to maintain our liquidity and flexibility as we work towards our goal of having our core acreage in the Appalachian Basin held by production. With the various transactions we have executed over the past year to improve overall liquidity and reduce capital expenditures, the reaffirmed borrowing base is another positive step towards achieving our goals.”
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.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included in this release that address activities, events, developments, forecasts, or guidance that Rex Energy expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside Rex Energy's ability to control or predict, that could cause results to differ materially from management's current expectations. These risks and uncertainties include, but are not limited to, economic and market conditions, operational considerations, the timing and success of our exploration and development efforts, including those relating to the joint development agreement described in this release, and other uncertainties. Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2015, and we strongly encourage you to review those documents to understand these risks. You should not place undue reliance on forward-looking statements because they reflect management's views only as of the date of this release. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
For more information contact:
Investor Relations
(814) 278-7130
InvestorRelations@rexenergycorp.com
