Rex Energy Announces Intention to Sell Southwestern Region Assets
Posted on: Thursday, 4 September 2008, 09:00 CDT
Rex Energy, an independent oil and gas company, has announced its intention to sell its southwestern region assets. The assets include all of the company's properties in Texas and New Mexico, predominantly located in the Permian Basin.
The company has retained the investment banking firm of KeyBanc Capital Markets to assist in the marketing efforts.
The proceeds of the anticipated sale are expected to be used to fund a portion of Rex Energy's planned capital budget items, including its Marcellus Shale exploration projects in the Appalachian Basin and its Alkali-Surfactant-Polymer (ASP) projects in the Illinois Basin.
Benjamin Hulburt, president and CEO of Rex Energy, said: "Our decision to divest these non-core assets is part of our strategic plan to focus our efforts and capital investment in our ASP flood projects in the Illinois Basin and our Marcellus Shale exploration projects in the Appalachian Basin."
Source: Datamonitor
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