Pennsylvania-based oil and natural gas company, Rex Energy Corp. will file for bankruptcy, according to Pittsburgh Post-Gazette.
The Marcellus and Utica shale operator disclosed in its quarterly report with the Securities & Exchange Commission that it couldn’t come to an agreement with lenders after missing a debt payment in late April, and would be seeking protection under Chapter 11 of the bankruptcy code.
Rex has been dropping assets and seeking capital for a while. Last year, it sold substantial acreage in Ohio to Antero Resources Corp. Earlier this year, it sold its interest in wells in Westmoreland, Centre and Clearfield counties.
The company’s stock was delisted from the Nasdaq last month.