STATE COLLEGE, Pa., Sept. 5, 2012 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) announced today that its bank group has unanimously voted to increase the company's borrowing base under the company's senior secured credit facility from $265 million to $290 million. The 9% increase in the borrowing base is the direct result of the company's continued success in its drilling program, increasing of estimated ultimate recoveries (EUR) and strong growth in its reserves and production. Under the terms of the credit facility, 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 $290 million, the third increase to our borrowing base in just over a year," said Tom Stabley, Rex Energy's Chief Executive Officer. "The increased borrowing base further enhances our liquidity position and positions us to execute on our business plan at very attractive rates."
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; Bank of Montreal; Capital One, N.A.; Manufacturers and Traders Trust Company; SunTrust Bank; Wells Fargo Bank, N.A.; U.S. Bank National Associates; and Union Bank, N.A.Upcoming Conference Schedule Management will present at the Credit Suisse 3 rd Annual Small & Mid Cap Conference in New York on September 20, 2012. Webcast information for this event, if available, will be posted 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.