Rex Energy Corp. (NASDAQ: REXX) threw Utica Shale ballast overboard Jan. 4, saying it will divest noncore Ohio acreage as it attempts to lighten its balance sheet.
Rex agreed to sell Warrior South assets to Antero Resources Corp. (NYSE: AR), netting expected proceeds of about $30 million. The deal includes 4,100 net acres in Guernsey, Noble and Belmont counties, Ohio.
Proceeds from the sale will be used to pay debt and meet general expenses.
Production on the assets represents less than 5% of the company’s total, said Gordon Douthat, senior analyst at Wells Fargo Securities.