Rex Energy Unloads Southwestern Region Assets
Rex was trading up almost 5% early this morning on volume of 293,000, on pace to eclipse its three-month average daily volume of 480,000. Trading around $4 a share, the company's stock is still far below the 52-week high of $29.92.
The sale of the non-core assets was part of Rex Energy's strategic plan to focus its efforts on drilling projects in the Appalachian Basin and the Lawrence Field Alkali-Surfactant-Polymer Flood Project development in the Illinois Basin.
Rex Energy Corp. is an independent oil and gas company.
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