Independent oil and gas E&P company Rex Energy Corp. (NYSE: REXX) will pursue the previously announced monetization of its 60% ownership interest in Keystone Clearwater Solutions, the company’s water service subsidiary, Rex said in an April 20 statement. The sale process is on track Rex is encouraged by the interest that has been expressed in Keystone Clearwater Solutions.
Rex also engaged Evercore Group LLC as a financial advisor for the monetization or joint venture of its operated assets in the Illinois Basin. All of the assets and associated facilities are in Illinois, Indiana and Kentucky. Proceeds from the transactions would enhance Rex’s liquidity position and improve flexibility in its 2015 and 2016 development program.
Rex Energy is headquartered in State College, Pa., and operates in the Appalachian and Illinois basins within the U.S. Its strategy is to pursue its higher return exploration drilling prospects while acquiring oil and gas properties complementary to its portfolio.
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