Rex Energy Announces Closing of Illinois Basin Asset Sale
STATE COLLEGE, Pa., Aug. 22, 2016 (GLOBE NEWSWIRE) -- Rex Energy Corp. (Nasdaq:REXX) (“Rex Energy”) 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.
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
