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TOTAL S.A. (TOT) signed a natural gas resources development deal with the Government of Oman, while Rex Energy Corporation (REXX) confirmed filing for Chapter 11 bankruptcy protection.
STATE COLLEGE, Pa., May 18, 2018 /PRNewswire/ -- Rex Energy Corporation (REXX:OTC), an independent oil and gas exploration and production company, today announced that, following its previously announced strategic review, it has decided to begin an orderly sale process for its remaining assets in order to maximize their long-term value and prospects. To facilitate the sale and address its debt obligations, the Company initiated voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code with support outlined in a Restructuring Support Agreement signed by 100% of its first lien lenders and approximately 72% of its second lien noteholders. Rex Energy's drilling and production programs are operating as usual, and the Company is maintaining the necessary staffing and resources to meet its commitments to gathering and processing partners.