- Rex Energy (NASDAQ:REXX) +6.5% premarket after saying it received an additional capital commitment from joint development partner Benefit Street Partners for the Moraine East joint development program.
- BSP’s election raises the total capital commitment to date by BSP from to $98.1M from $51.6M and BSP’s total well participation in Moraine East to 30 wells.
- Rex says the additional capital commitment, combined with the recent Illinois Basin sale, will provide more than $80M of additional liquidity in 2016, which will enable it to continue to hold the majority of its Appalachian Basin acreage by production by mid-year 2017.
- Rex now expects FY 2016 net operational capex of ~$35.5M.