Rex Energy Selling Illinois Basin Assets, Focus 100% on Marcellus

Rex Enegy Moraine East

Rex Enegy Moraine East – click for larger version

Rex Energy has always been one of our favorite smaller drillers in the Marcellus/Utica region. Yes, we know you’re not supposed to love some of your drilling children more than others–but we do! We’ve often called Rex “the little energy company that could, and does.” Like most E&Ps (exploration and production companies), Rex has had a tough time coming through the recent crash in the price of gas and oil (see Rex Energy Converts IOUs into Common Stock, Avoids Bankruptcy?; Rex Energy 1Q16: Lost $62M, but Still Drilling in the Marc/Utica; and Rex Energy Swapping $631M in Private IOUs for Public IOUs). Rex has always concentrated on two regions: the Marcellus/Utica, and the Illinois Basin. No more. Rex is now a “pure play” driller after announcing it will sell all of its Illinois Basin assets–for $40 million to Campbell Development Group…

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