PennEnergy to Buy Rex Energy’s Assets for $600 Million (1)

PennEnergy Resources LLC will buy the bulk of natural gas driller Rex Energy Corp.’s assets for $600.5 million, according to an Aug. 30 statement.

Rex filed for bankruptcy protection in May and said it would sell all of its remaining assets. The drilling rights and wells in Pennsylvania will fit in with PennEnergy’s existing footprint in the state’s prolific Marcellus basin, Richard Weber, chief executive officer of the closely held company, said in the statement.

It’s been a rocky few years for Rex as gas prices plummeted. The State College, Pennsylvania-based company has seen its market value nearly vanish from ...