Privately held PennEnergy Resources has agreed a deal to buy fellow Appalachian basin player Rex Energy, which filed for bankruptcy earlier this year, for $600.5 million.
Under the terms of the agreement, PennEnergy will assume the debts of Rex Energy, including $162 million to Wilmington Savings Fund Society and $1.7 million for lease claims.
The remaining portion of the purchase price will be used, along with Rex's cash on hand, to pay wind-down expenses and professional fees, according to documents filed with the US Securities and Exchange Commission.
