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Friday, August 31, 2018

PennEnergy is Top Bidder for Rex Energy

From the Pittsburgh Post-Gazette:
After rescheduling its bankruptcy auction four times in a week, Rex Energy Corp. called off the event all together and declared PennEnergy Resources LLC the winning bidder. 
Moon-based PennEnergy has agreed to pay $600.5 million for Rex, a State College-based shale driller that filed for bankruptcy protection in May
The acquisition must still gain the approval of the bankruptcy judge. A hearing on the sale agreement is scheduled for Thursday. 
PennEnergy’s CEO Rich Weber said Rex’s acreage, mostly in Butler County, is contiguous to his company’s assets “and we’re very familiar with it.”
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