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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