Stayin’ Alive: Rex Energy $175M JV to Keep Drilling in PA & OH

Rex Energy, a relatively small driller that drills almost exclusively in the Marcellus/Utica and with headquarters in State College, PA, has a new investor/partner. Drillers across the country and doing everything they can to stay in business with the bottom dropping out of prices they receive for what they produce. Rex is getting $175 million from investment firm Benefit Street Partners to help drill up to 58 new wells in Rex’s Moraine East area (Butler County, PA) and Warrior North area (Carroll County, OH). In return for investing, Benefit Street Partners will receive ownership of anywhere from 15% to 65% in the wells they help fund. Below are the details for how Rex is stayin’ alive…

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