Pittsburgh-based natural gas driller PennEnergy Resources LLC has received approval to purchase the assets of bankrupt Rex Energy Corp. for $600.5 million.
PennEnergy received the go-ahead Thursday afternoon from the judge in the Rex (Nasdaq: REXX) case in the U.S. Bankruptcy Court for the Western District of Pennsylvania. The closing is scheduled for Sept. 28. It will create what PennEnergy believes is the 10th largest natural gas driller in Pennsylvania.
Rex, which is based in State College, had started the sales process May 18 when it filed for Chapter 11 bankruptcy.