Exhibit 99.1

Rex Energy Reports Third Quarter 2014 Operational and Financial Results

STATE COLLEGE, Pa., November 4, 2014 (GLOBE NEWSWIRE) – Rex Energy Corporation (Nasdaq: REXX) announced its third quarter 2014 operational and financial results.

Third Quarter Financial Results

Operating revenue from continuing operations for the three and nine months ended September 30, 2014 was $86.5 million and $269.2 million, respectively, which represents an increase of 37% and 62% over the same periods in 2013, respectively. Commodity revenues, including settlements from derivatives, were $76.5 million and $223.4 million for the three and nine months ended September 30, 2014, respectively, an increase of 30% and 43%, over the comparable periods of 2013. Commodity revenues from oil and natural gas liquids (NGLs), including settlements from derivatives, represented 64% and 57% of total commodity revenues for the three and nine months ended September 30, 2014.

Including the effects of cash settled basis differential derivatives, the company’s basis differential for its Appalachian Basin assets averaged approximately ($1.34) off the Henry Hub price of $4.06 for the three months ended September 30, 2014 and approximately ($0.65) off the Henry Hub price of $4.55 for the nine months ended September 30, 2014.

Net income from continuing operations attributable to common shareholders for the three months ended September 30, 2014 was $5.7 million, or $0.11 per basic share. Net income from continuing operations attributable to common shareholders for the nine months ended September 30, 2014 was $22.6 million, or $0.42 per basic share. Adjusted net income, a non-GAAP measure, for the three months ended September 30, 2014 was $1.6 million, or $0.03 per share. Adjusted net income for the nine months ended September 30, 2014 was $21.9 million, or $0.41 per share.

EBITDAX from continuing operations, a non-GAAP measure, was $42.2 million for the third quarter of 2014 and $135.3 million for the nine months ended September 30, 2014. This was an increase of 21% over the third quarter of 2013 and an increase of 44% over the first nine months of 2013. Reconciliations of adjusted net income to GAAP net income and EBITDAX to GAAP net income for the three months and nine months ended September 30, 2014, as well as a discussion of the uses of each measure, are presented in the appendix of this release.

Production Update

Third quarter 2014 production volumes were 169.7 MMcfe/d, an increase of 72% over the third quarter of 2013 and 32% over the second quarter of 2014, consisting of 107.0 MMcf/d of natural gas and 10.4 Mboe/d of oil and NGLs (including 2.6 Mboe/d of ethane). Oil and NGLs (including ethane) accounted for 37% of net production during the third quarter and increased by 61% over the second quarter of 2014.

Including the effects of cash-settled derivatives, realized prices for the three months ended September 30, 2014 were $89.36 per barrel for oil and condensate, $2.81 per Mcf for natural gas, $47.45 per barrel for NGLs (C3+) and $7.76 per barrel for ethane. Before the effects of hedging, realized prices for the three months ended September 30, 2014 were $90.00 per barrel for oil and condensate, $2.53 Mcf for natural gas, $46.49 per barrel for NGLs (C3+) and $7.76 per barrel for ethane.

Including the effects of cash-settled derivatives, realized prices for the nine months ended September 30, 2014 were $91.28 per barrel for oil and condensate, $3.73 per Mcf for natural gas, $49.74 per barrel for NGLs (C3+) and $7.67 per barrel for ethane. Before the effects of hedging, realized prices for the nine months ended September 30, 2014 were $93.28 per barrel for oil and condensate, $3.79 per Mcf for natural gas, $50.74 per barrel for NGLs (C3+) and $7.67 per barrel for ethane.

Third Quarter 2014 Capital Investments

For the third quarter of 2014, the company made operational capital investments of approximately $98.2 million, of which $88.3 million was used to fund Marcellus and Ohio Utica operations and $9.9 million was used to fund conventional drilling, water flood enhancement and facility upgrades in the Illinois Basin. The Marcellus and Ohio Utica capital investment funded the drilling of 16.0 gross (11.2 net) wells, fracture stimulation of 13.0 gross (9.1 net) wells, placing 20.0 gross (16.7 net) wells into sales and other projects related to drilling and completing wells in the Appalachian Basin.

In addition to operational capital investments, the company closed on its previously announced Appalachian Basin acquisition from SWEPI, LP, a Royal Dutch Shell affiliate, for $120.6 million. Investments for leasing and property acquisition were $21.4 million and capitalized interest was $1.9 million for the third quarter of 2014. Capital expenditures by the company’s water service subsidiary, Keystone Clearwater Services, were $3.9 million for the third quarter of 2014.

Well Level Economics / Type Curve Update

The company has updated its well-level economics for the Butler Operated Area. In the Butler Operated Area, the company has adjusted its well-level economics to reflect its increased average lateral length, strong well performance, reduced cycle times and adjustments in expected realized prices. In summary, the rate of return assuming a $4.00 Henry Hub natural gas index price has increased from 26% to 47% in the Butler Operated Area. The updated results, as well as a comparison to the previous results, are included on slide 20 of the company’s updated November corporate presentation. The company’s corporate presentation can be found at www.rexenergy.com

Operational Update

Note: Unless specifically stated otherwise in this operational update, all numbers are gross and all well results assume full ethane recovery.

Appalachian Basin – Butler Operated Area

In the Butler Operated Area, the company drilled 12.0 gross (8.4 net) wells in the third quarter of 2014, with 13.0 gross (9.1 net) wells fracture stimulated and 11.0 gross (7.7 net) wells placed into sales. The company had 9.0 gross (6.3 net) wells drilled and awaiting completion as of September 30, 2014.

During the third quarter of 2014, the company placed the Reno 1H into sales. The Reno 1H was drilled with a lateral length of approximately 4,150 feet and completed in 28 completion stages on a 24/64” choke. The Reno 1H produced at an average 5-day sales rate of approximately 10.6 MMcfe/d with 38% liquids (assuming full ethane recovery). On a per lateral foot basis, the Reno 1H achieved the highest production rate to date of all Rex Energy wells drilled in the company’s Butler Operated Area.

The company placed the five-well Ferree pad, the company’s second test of a stacked Upper Devonian Burkett/Marcellus pad, into sales. The five wells on the pad were drilled with an average lateral length of approximately 5,500 feet and completed in an average of 33 completion stages. The five wells produced at an average 5-day sales rate per well of approximately 8.3 MMcfe/d with 55% liquids (assuming full ethane recovery). Preliminary analysis does not indicate any communication between the Upper Devonian Burkett formation and the Marcellus formation. The company will continue to monitor the effects of the stacked laterals and will provide further data in the future.

Appalachian Basin – Warrior North Prospect – Carroll County, Ohio

In the Warrior North Prospect, the company placed nine gross (9.0 net) wells into service in the third quarter of 2014.

As previously announced, the company placed into sales the six-well Grunder pad and the three-well Jenkins pad. The six-well Grunder pad produced at an average 5-day sales rate per well of approximately 1.2 Mboe/d on a 18/64” choke and went on to produce at an average 30-day sales rate per well of approximately 0.9 Mboe/d, comprised of 1.6 MMcf/d of natural gas, 288 bbls/d of condensate and 331 bbls/d of NGLs (assuming ethane recovery), on a 17/64” choke. The three-well Jenkins pad produced at an average 5-day sales rate per well of approximately 1.6 Mboe/d on a 18/64” choke and went on to produce at an average 30-day sales rate per well of approximately 1.3 Mboe/d, comprised of 2.3 MMcf/d of natural gas, 484 bbls/d of condensate and 463 bbls/d of NGLs (assuming ethane recovery), on a 16/64” choke. Of particular note, the company has continued to conservatively manage the choke size of the six-well Grunder pad and three-well Jenkins pad under a restricted choke program to maximize liquids production.

Appalachian Basin – Warrior South Prospect – Guernsey, Noble & Belmont Counties

In the Warrior South Prospect, the company has finished drilling operations on the six-well J. Hall pad, located in Guernsey County, OH. The six wells were drilled with an average lateral length of approximately 5,400 feet and are testing 650 foot spacing between the laterals on the pad. The six wells are currently undergoing completion operations and are expected to be placed into sales near the end of 2014.

Liquidity Update

During the third quarter of 2014, Rex Energy completed an offering of 1.61 million depository shares, each representing a 1/100^th interest in a share of 6.0% convertible perpetual preferred stock, Series A, with a liquidation preference of $10,000 per share (the “Series A Convertible Preferred Stock”). The net proceeds of approximately $155.0 million, after deducting the initial purchasers’ discount and offering expenses, were used to fund the company’s Appalachian Basin acquisition from SWEPI, LP, an affiliate of Royal Dutch Shell plc, and for general corporate purposes (including capital expenditures).

In addition, during the third quarter of 2014, the company increased the borrowing base under its senior secured credit facility by 36% from $293.75 million to $400 million. As of September 30, 2014, the company had $87.6 million of cash and no outstanding borrowings under its revolving credit facility.

The company is continuing to evaluate a number of options to enhance its already strong liquidity position. As previously announced, the company continues to pursue a strategic partner to support the development of the liquids-rich Moraine East acreage acquired during the third quarter of 2014 from SWEPI, LP. The company expects to provide an update on its progress regarding this potential transaction in late 2014 or early 2015. In addition, Rex Energy is continuing to evaluate monetization opportunities for its 60% ownership in Keystone Clearwater Solutions and certain specific non-core assets in the Illinois Basin to provide additional liquidity in order to develop its Appalachian assets.

Fourth Quarter and Full Year 2014 Guidance

Rex Energy is providing its guidance for the third quarter and updating its full year 2014 guidance ($ in millions):

Preliminary 2015 Capital Expenditure and Production Growth Plan

The company is announcing its preliminary capital expenditure and production growth plan for 2015. Given current commodity prices, the company expects 2015 capital expenditures to be approximately $325 - $375 million. Assuming this range of capital expenditures, the company expects average daily production in 2015 to grow by approximately 30% - 40% from the midpoint of the company’s 2014 average daily production guidance. The company plans to announce official 2015 guidance in December 2014.

Conference Call Information

Management will host a live conference call and webcast on Wednesday, November 5, 2014 at 10:00 a.m. Eastern to review third quarter financial results and operational highlights. All financial results included in this release or discussed on the conference call are preliminary pending the completion of the review by our independent auditors. The telephone number to access the conference call is (866) 437-1772. Presentation slides containing reference materials for the call and webcast will be available on the company’s website, www.rexenergy.com, under the Investor Relations tab. The replay of the event and reference materials will be available on the company’s website through December 5, 2014.

About Rex Energy Corporation

Rex Energy is headquartered in State College, Pennsylvania and is an independent oil and gas exploration and production company operating in the Appalachian Basin and Illinois Basins within the United States. The company’s strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio.

Forward-Looking Statements

Except for historical information, statements made in this release, including those relating to the timing and nature of Marcellus, Upper Devonian, and Utica shale development plans; drilling and completion schedules; anticipated fracture stimulation activities; expected dates for placement of wells into sales; plans for testing spacing, pad designs, and other aspects of our resource potential, and timing and availability of test results; and current plans for strategic initiatives are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may contain words such as “expected”, “expects”, “scheduled”, “planned”, “plans”, “anticipates” or similar words. These statements are based on management’s experience and perception of historical trends, current conditions, and anticipated future developments, as well as other factors believed to be appropriate. We believe these statements and the assumptions and estimates contained in this release are reasonable based on information that is currently available to us. However, management’s assumptions and the company’s future performance are subject to a wide range of business risks and uncertainties, both known and unknown, and we cannot assure that the company can or will meet the goals, expectations, and projections included in this release. Any number of factors could cause our actual results to be materially different from those expressed or implied in our forward looking statements, including (without limitation):

The company undertakes no obligation to publicly update or revise any forward-looking statements. Further information on the company’s risks and uncertainties is available in the company’s filings with the Securities and Exchange Commission.

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For more information, please contact:

Mark Aydin

Manager, Investor Relations

(814) 278-7249

maydin@rexenergy.com

REX ENERGY CORPORATION

CONSOLIDATED BALANCE SHEETS

($ in Thousands, Except Share and Per Share Data)

REX ENERGY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in Thousands, Except per Share Data)

REX ENERGY CORPORATION

CONSOLIDATED OPERATIONAL HIGHLIGHTS

UNAUDITED

REX ENERGY CORPORATION

COMMODITY DERIVATIVES – HEDGE POSITION AS OF 10/27/2014

APPENDIX

REX ENERGY CORPORATION

NON-GAAP MEASURES

EBITDAX

“EBITDAX” means, for any period, the sum of net income for such period plus the following expenses, charges or income to the extent deducted from or added to net income in such period: interest, income taxes, DD&A, unrealized losses from financial derivatives, non-recurring gains and losses, exploration expenses and other similar non-cash charges, minus all non-cash income, including but not limited to, income from unrealized financial derivatives and gains on asset dispositions, added to net income. EBITDAX, as defined above, is used as a financial measure by our management team and by other users of its financial statements, such as our commercial bank lenders to analyze such things as:

EBITDAX is not a calculation based on GAAP financial measures and should not be considered as an alternative to net income (loss) (the most directly comparable GAAP financial measure) in measuring our performance, nor should it be used as an exclusive measure of cash flows, because it does not consider the impact of working capital growth, capital expenditures, debt principal reductions, and other sources and uses of cash, which are disclosed in our consolidated statements of cash flows.

We have reported EBITDAX because it is a financial measure used by our existing commercial lenders, and because this measure is commonly reported and widely used by investors as an indicator of a company’s operating performance and ability to incur and service debt. You should carefully consider the specific items included in our computations of EBITDAX. While we have disclosed EBITDAX to permit a more complete comparative analysis of our operating performance and debt servicing ability relative to other companies, you are cautioned that EBITDAX as reported by us may not be comparable in all instances to EBITDAX as reported by other companies. EBITDAX amounts may not be fully available for management’s discretionary use, due to requirements to conserve funds for capital expenditures, debt service and other commitments.

We believe that EBITDAX assists our lenders and investors in comparing our performance on a consistent basis without regard to certain expenses, which can vary significantly depending upon accounting methods. Because we may borrow money to finance our operations, interest expense is a necessary element of our costs. In addition, because we use capital assets, DD&A are also necessary elements of our costs. Finally, we are required to pay federal and state taxes, which are necessary elements of our costs. Therefore, any measures that exclude these elements have material limitations.

To compensate for these limitations, we believe it is important to consider both net income determined under GAAP and EBITDAX to evaluate our performance.

For purposes of consistency with current calculations, we have revised certain amounts relating to prior period EBITDAX. The following table presents a reconciliation of our net income to EBITDAX for each of the periods presented ($ in thousands):

Adjusted Net Income

“Adjusted Net Income” means, for any period, the sum of net income for the period plus the following expenses, charges or income, in each case, to the extent deducted from or added to net income in the period: unrealized losses from financial derivatives, non-cash compensation expense, dry hole expenses, disposals of assets, impairment and other one-time or non-recurring charges, minus all gains from unrealized financial derivatives, disposal of assets and deferred income tax benefits, added to net income. Adjusted Net Income is used as a financial measure by Rex Energy’s management team and by other users of its financial statements, to analyze its financial performance without regard to non-cash deferred taxes and non-cash unrealized losses or gains from oil and gas derivatives. Adjusted Net Income is not a calculation based on GAAP financial measures and should not be considered as an alternative to net income (loss) in measuring the company’s performance.

Rex Energy reports Adjusted Net Income because it believes that this measure is commonly reported and widely used by investors as an indicator of a company’s operating performance. You should carefully consider the specific items included in the company’s computation of this measure. You are cautioned that Adjusted Net Income as reported by Rex Energy may not be comparable in all instances to that reported by other companies.

To compensate for these limitations, the company believes it is important to consider both net income determined under GAAP and Adjusted Net Income.

The following table presents a reconciliation of Rex Energy’s net income from continuing operations to its adjusted net income for each of the periods presented ($ in thousands):

Cash General and Administrative Expenses

Cash General and Administrative Expenses (Cash G&A) is the difference between GAAP G&A and non-Cash G&A, which is primarily comprised of non-cash compensation expense. Rex Energy has reported Cash G&A because it believes that this measure is commonly reported and widely used by management and investors as an indicator of overhead efficiency without regard to non-cash expenditures, such as stock compensation. Cash G&A is not a calculation based on GAAP financial measures and should not be considered as an alternative to GAAP G&A in measuring the company’s performance. You should carefully consider the specific items included in the company’s computation of this measure. You are cautioned that Cash G&A as reported by Rex Energy may not be comparable in all instances to that reported by other companies.

To compensate for these limitations, the company believes it is important to consider both Cash G&A and GAAP G&A. The following table presents a reconciliation of Rex Energy’s GAAP G&A to its Cash G&A for each of the periods presented (in thousands):