STATE COLLEGE, Pa., April 1, 2013 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) announced today that it has entered into an amended and restated credit agreement to expand its borrowing base under the company's senior secured credit facility from $240 million to $325 million. In addition, the company has extended the maturity of the senior secured credit facility from September 2015 to March 2018. Commitments by the bank group under the facility were raised from $240 million to $300 million, a 25% increase. The $300 million commitment level can be increased to $325 million at the company's request for additional bank commitments. Under the terms of the amended and restated credit agreement, the bank group re-determines the borrowing base semi-annually utilizing the bank's estimates of reserves and future oil and gas prices.
"We are very pleased to announce the increase in our borrowing base to $325 million, the highest level in the history of Rex Energy," commented Tom Stabley, Rex Energy's Chief Executive Officer. "We appreciate the confidence and support of our bank group. The increased borrowing base improves upon our already strong liquidity position and further enhances our ability to execute on our business plan."
The bank group is comprised of KeyBank N.A., which continues to lead and serve as Administrative Agent of the facility; Royal Bank of Canada; SunTrust Bank; Bank of Montreal; Capital One, N.A.; Manufacturers and Traders Trust Company; Wells Fargo Bank, N.A.; U.S. Bank National Associates; and Union Bank, N.A.
Upcoming Conference Schedule
Rex Energy also announced its upcoming conference schedule. The company will be participating at the following events:
|SunTrust: Utica Shale Mini-Conference||April 11, 2013|
|IPAA-OGIS||April 15-17, 2013|
Webcasts for these events, if available, can be found in the Investor Relations section of the Rex Energy website, www.rexenergy.com under Events & Presentations. Webcasts will remain available for 30 days after the event.
About Rex Energy Corporation
Rex Energy is headquartered in State College, Pennsylvania and is an independent oil and gas exploration and production company operating in the Appalachian and Illinois Basins within the United States. The company's strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio.
This press release includes "forward-looking statements." All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the SEC. Among the factors that could cause results to differ materially are those risks discussed in our periodic reports filed with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2012. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors." We do not undertake any duty to update any forward-looking statement except as required by law.
CONTACT: Mark Aydin Manager, Investor Relations (814) 278-7249 email@example.com
Source:Rex Energy Corporation