Rex Energy Sells Non-Operated Assets in 3 PA Counties

Rex Energy, a driller focused mainly on the Marcellus/Utica (headquartered in State College, PA), announced earlier this week that it is selling some of its non-operated oil and gas assets in three Pennsylvania counties: Westmoreland, Centre and Clearfield. Which assets are not described. The buyer is: XPR Resources. The sale amount is $17.2 million. Rex has, in the past couple of years, had stiff challenges, at least on the financial front. It has swapped out old IOUs for new IOUs, converted debt (IOUs) into equity (shares of stock), sold off assets in other basins–a whole lotta stuff to keep on drilling (see our Rex Energy stories here). More recently the company was threatened (for a second time) by NASDAQ with de-listing its stock (see Rex Energy Once Again Threatened with NASDAQ De-listing). And just last month we reported that Rex looks like they’re getting ready to file for bankruptcy (see Rex Energy Preparing to File for Chapter 11 Bankruptcy?). We doubt $17.2 million will help all that much, but it’s better than a sharp stick in the eye. By the way, who is XPR Resources?…

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