Rex Energy Corp. to file for bankruptcy
Friday, May 25, 2018
Pennsylvania-based oil and natural gas company, Rex Energy Corp. will file for bankruptcy, according to Pittsburgh Post-Gazette.
The Marcellus and Utica shale operator disclosed in its quarterly report with the Securities & Exchange Commission that it couldn’t come to an agreement with lenders after missing a debt payment in late April, and would be seeking protection under Chapter 11 of the bankruptcy code.
Rex has been dropping assets and seeking capital for a while. Last year, it sold substantial acreage in Ohio to Antero Resources Corp. Earlier this year, it sold its interest in wells in Westmoreland, Centre and Clearfield counties.
The company’s stock was delisted from the Nasdaq last month.
Learn more: Pittsburgh Post-Gazette > Rex Energy will file for bankruptcy
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.