Rex Energy cuts Utica assets for $30M
Monday, January 16, 2017
Rex Energy Corp. has decided to part ways with its Ohio Utica assets in Guerney, Nobel and Belmont counties, targeting Antero Resources Corp. as the buyer. The transaction is valued at $30 million, according to The Business Journal.
Antero added to its Utica portfolio by adding 4,100 acres with 14 gross wells that are currently producing 9.0 million cubic feet of natural gas per day. Antero currently holds more than 484,000 net acres in the southwestern core of the Marcellus shale and 145,000 net acres in the Utica shale.
Rex Energy plans to use the proceeds from the sale to put towards a revolving line of credit and for general corporate purposes. The transaction is expected to close in the first quarter.
Learn more: The Business Journal > Rex Energy to Sell Utica Assets for $30 Million
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