Rex Predicts Record 1Q14 Production, Bank Floats Extra $50M

Rex Energy's banker apparently likes what it sees in the State College, PA-based Marcellus/Utica driller, so they've decided to raise Rex's line of credit another $50 million (from $325 million to $350 million). And what's not to like? Rex reported last week that they expect first quarter production to come in near the high end of their previous guidance numbers--close to the 118 million cubic feet per day number. Last week Rex also announced they're adding a second drilling rig in their Butler, PA operation--and (most exciting to us) they're drilling two stacked Upper Devonian Burkett/Marcellus tests in 2014, one of them with the new rig they've just added. Here's a pair of announcements from Rex, the operational update from last week and the good news from Rex's banker from yesterday...

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