STATE COLLEGE, Pa., Oct. 03, 2016 (GLOBE NEWSWIRE) — Rex Energy Corporation (Nasdaq:REXX) (“the company”) announced that its bank group has reaffirmed the existing $190 million borrowing base under the company’s senior secured credit facility. The company’s next borrowing base redetermination is scheduled to occur in April 2017.
“We appreciate the support of our bank group as we continue to execute on our strategy of maintaining liquidity and financial flexibility,” said Tom Stabley, Rex Energy’s President and Chief Executive Officer. “The reaffirmed borrowing base, along with the various transactions we have completed over the past year, allows us to continue our operational plan of having our core Appalachian Basin acreage held by production by mid-2017.”
About Rex Energy Corporation
Headquartered in State College, Pennsylvania, Rex Energy is an independent oil and gas exploration and production company with its core operations in the Appalachian Basin. The company’s strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio.