Rex Energy Corporation announced today that its wholly owned subsidiary, Rex Energy I, LLC, has completed the sale of approximately 79,000 net undeveloped acres in Indiana and certain related non-producing wells for approximately $8.4 million.
The acreage divested consisted of all of Rex Energy’s interests in acreage known as the Wabash and Lawrence areas of mutual interest, which are operated by Aurora Oil and Gas Corp., and all of its undeveloped acreage in Knox, Sullivan and Daviess Counties, Indiana, which was operated by Rex Energy.
The proceeds of this sale will 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 W. Hulburt, President and Chief Executive Officer said, “The sale of this acreage, which was leased as part of our New Albany Shale exploration projects, 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, where we believe we have better growth opportunities.”
