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What: Shares of Rex Energy Corp. (NASDAQ: REXX) soared 15% in June. Fueling that rise was strong well results in the company's Moraine East prospect area and the sale of its Keystone Clearwater Solutions business.

So what: Rex Energy announced initial production test results from two of the four wells it drilled in the East Moraine Area in Pennsylvania, a prospect the company acquired last August that offsets its legacy acreage in Butler County, Pa. In those initial results, the wells proved to be very liquids-rich. The results supports the company's belief that the prospect is analogous to its legacy core operating area in the region.

Keystone Clearwater Solutions provides field and water-related services to Rex Energy. Rex Energy held a 60% stake in the business, and sale of which after taxes and adjustments is expected to yield net cash proceeds of about $66 million. While that's a small amount of cash for Rex Energy, which has a $1 billion enterprise value, that cash will enable the company to enhance its balance sheet, which has over $660 million in net debt outstanding. That balance sheet breathing room will also give the company a bit more financial flexibility as it develops its core natural gas assets.

Now what: June was a good month for Rex Energy. Not only did initial test results support its belief that its recently acquired East Moraine acreage holds significant value, but the company sold a noncore asset to improve its balance sheet. A stronger balance sheet will allow the company to continue to develop its acreage and create long-term value for investors.

Matt DiLallo has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.