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Rex Energy files Chapter 11 bankruptcy; Plans To Liquidate
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Rex Energy said today it plans to file for Chapter 11 bankruptcy and will sell off its remaining assets.
Rex said it had secured $100 million in financing that will allow it to maintain normal operations during the process.
“Ultimately, we decided that the best possible outcome was to put our remaining assets into the hands of owners with the financial strength necessary to position them for long-term growth and success. Chapter 11 provides an orderly process to achieve these goals in a way that maximizes value for our stakeholders." said Tom Stabley CEO
Production (Q1 2018)
- Daily Average : 215, 997 Mcfe/d (55.4% natural gas, 3.5% condenstate, 16.5% C3+ NGLs and 24.5% ethane
Proved Reserves (at December 31, 2017)
- 1,032.9 Bcfe;
- 56% Natural Gas, 42% NGLs and 2.0% condensate
- 89.2 proved developed; and 10.8 % proved undeveloped
Land (developed and undeveloped)(at December 31, 2017)
- 171,400 gross (117,700 net) acres in Pennsylvania prospective for the Marcellus Shale.
- 165,300 g65,300 gross (128,400 net) acres in Pennsylvania and Ohio prospective for the Utica Shale
Rex Energy Portfolio map
Rex Energy Remaining Assets
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