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Rex Energy Ltd. (“Rex” or the “Company”) has engaged Sayer Energy Advisors to assist it with a strategic alternatives process. The Company is open to reviewing all alternatives including, but not limited to, a sale of the shares of the Company, a sale of the assets of the Company, or a sale of a portion of the shares outstanding. Rex is a wholly-owned subsidiary of publicly-traded Whitebark Energy Limited , which trades on the Australian Stock Exchange under the ticker symbol (ASX: WBE) , with operated working interests located in the Wizard Lake area of Alberta (the “Property”). Average daily sales production net to Rex from the Property for the first half of 2023 was approximately 147 boe/d, consisting of 89 bbl/d of oil and natural gas liquids and 350 Mcf/d of natural gas. Average daily production was affected by Rex’s most prolific producing well at 103/12-04-048-27W4/0 being down for most of the second quarter of 2023. Operating income net to Rex from Wizard Lake for the first half of 2023 averaged approximately $45,000 per month, or $540,000 on an annualized basis. Rex has approximately $1.25 million of debt and total unused Canadian income tax pools of approximately $27.4 […]
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