Rex Energy 8-K Table of Contents Update on Financials / Liquidity Settlement Construct Next Steps Appendix

Exhibit 99.4

SUBJECT TO FRE 408

PREPARED IN CONTEMPLATION OF LITIGATION

Rex Energy

Quarterly Cash Forecast	2018
Management Pricing	Q1 2018			Q2 2018			Q3 2018			Q4 2018			FY2018
Total Production (MMcfe)		20,418			21,209			23,530			22,473			87,629
Average Daily (MMcfe/d)		227			233			256			244			240
EBITDAX		27			25			28			26			106
2018 Net Capex		(11	)		(66	)		(5	)		(1	)		(83	)
2017 Net Capex Payables		(46	)		—			—			—			(46	)
Change in NWC / Other		4			(6	)		(1	)		(19	)		(22	)
Asset Sale Proceeds		16			—			—			—			16
UFCF	($	11	)	($	47	)	$	22		$	6		($	29	)
1L Interest		(7	)		(8	)		(8	)		(8	)		(31	)
LC Fees		(0	)		—			—			—			(0	)
DIP Fees / Interest					(3	)		(1	)		—			(3	)
Commitment Fees		(1	)		—			—			—			(1	)
AG Ammendment Fee		—			—			(6	)		—			(6	)
Professional Fees		(3	)		(9	)		(14	)					(26	)
LFCF	($	21	)	($	67	)	($	6	)	($	2	)	($	96	)
Starting Balance—AG	$	190		$	221		$	221		$	325		$	190
(+) Facility Draw (Net Proceeds)		32			—			104			—			136
Ending Balance—AG	$	221		$	221		$	325		$	325		$	325
Starting Balance DIP	$	—		$	—		$	104		$	—		$	—
(+) DIP Draw (Net Proceeds)		—			102			(104	)		—			(2	)
Ending Balance—DIP	$	0		$	104		$	—		$	—		($	2	)
(-) Cash Collateralization of LC’s	$	0		($	33	)	$	—		$	—		($	33	)
1L LCs Outstanding	$	32		$	—		$	—		$	—		$	—
Ending Cash	$	26		$	27		$	21		$	19		$	19
Restricted Cash		—						33			33			33
Trailing L4Q EBITDA	$	70		$	83		$	98		$	106		$	106
Net Senior Secured Lev Covenant					3.25x			3.25x			3.25x			3.25x
Net Secured Leverage (Exc. LC)		2.81x			2.35x			3.10x			2.89x			2.89x
PDP Coverage Ratio Covenant		1.65x			1.65x			1.65x			1.65x			1.65x
Required PDPPV-10	$	379		$	320		$	501		$	505		$	505

DRAFT - Subject to Material Change

SUBJECT to FRE 408 CONFIDENTIAL

PREPARED IN CONTEMPLATION OF LITIGATION

Rex Energy

Monthly Cash Forecast

Management Pricing

																											Apr-Dec
	Apr-18			May-18			Jun-18			Jul-18			Aug-18			Sep-18		Oct-18			Nov-18			Dec-18			Total
RECEIPTS
Oil, Gas, & NGL Receipts		43,154,042			16,864,150			56,962,764			42,822,686			43,197,624			43,575,528		22,342,826			63,006,365			41,870,261		$	373,796,247
Hedge Settlements		(136,556	)		388,185			349,758			350,483			457,210			463,085		(146,100	)		(459,460	)		(469,053	)		797,551
JIB Receivables		—			8,125,000			5,381,684			780,000			1,700,000			—		850,000			1,700,000			850,000			19,386,684
Other Receipts		258,000			—			—			—			—			—		—			—			—			258,000
NET RECEIPTS		43,275,486			25,377,335			62,694,205			43,953,169			45,354,834			44,038,613		23,046,726			64,246,905			42,251,209			394,238,482
OPERATING DISBURSEMENTS		—
Revenue Distribution		—			15,063,725			13,099,598			9,833,963			26,476,298			—		13,169,229			25,167,309			13,656,178			116,466,299
Keystone Lease Payment		303,738			303,738			303,738			303,738			303,738			303,738		303,738			303,738			303,738			2,733,643
G&T, Processing, Property, Production Taxes		22,999,124			18,257,270			18,496,516			19,223,559			19,723,894			21,102,200		19,883,994			19,941,981			20,741,845			180,370,383
Lease Operating Expense		1,366,575			711,908			692,672			685,466			750,050			782,683		789,956			858,675			856,518			7,494,502
Payroll & Benefits		1,335,144			1,281,210			1,794,267			1,265,417			1,312,031			1,153,383		1,302,782			1,800,454			1,161,150			12,405,838
G&A Expenses		1,241,761			398,743			794,684			496,204			779,185			354,732		671,882			732,186			647,401			6,116,779
Gross Capex		33,331,920			26,783,269			19,213,953			1,661,630			2,024,663			828,833		631,666			408,011			248,810			85,132,754
Other Disbursements		158,000			—			—			—			—			—		—			—			—			158,000
Total Operating Disbursements		60,736,262			62,799,863			54,395,427			33,469,977			51,369,859			24,525,569		36,753,247			49,212,354			37,615,640			410,878,198
OPERATING CASH FLOW		(17,460,776	)		(37,422,528	)		8,298,778			10,483,191			(6,015,025	)		19,513,044		(13,706,521	)		15,034,551			4,635,568		$	(16,639,716	)
One Time /Non-Recurring Items
Professional Fees		2,830,000			3,222,500			3,232,000			13,625,500			—			—		—			—			—			22,910,000
Employee Incentive Payments (at Target)		—			—			—			—			536,700			—		—			—			—			536,700
Other Restructuring Related		—			20,000			—			980,000			—			—		—			—			—			1,000,000
TotalNon-Recurring Items		2,830,000			3,242,500			3,232,000			14,605,500			536,700			—		—			—			—			24,446,700
Cash Interest, Bank Fees
1L Interest & Fees		100,000			—			7,965,833			6,000,000			—			8,139,167		—			—			8,312,500			30,517,500
2L Interest		—			—			—			—			—			—		—			—			—			—
DIP Interest		420,000			840,000			1,050,000			630,000			—			—		—			—			—			2,940,000
Unsecured Interest		—			—			—			—			—			—		—			—			—			—
DIP Fees		—			500,000			—			—			—			—		—			—			—			500,000
Total Interest & Bank Fees		520,000			1,340,000			9,015,833			6,630,000			—			8,139,167		—			—			8,312,500			33,957,500
TOTAL DISBURSEMENTS	$	64,086,262		$	67,382,363		$	66,643,260		$	54,705,477		$	51,906,559		$	32,664,736	$	36,753,247		$	49,212,354		$	45,928,140		$	469,282,398
NET CASH FLOW		(20,810,776	)		(42,005,028	)		(3,949,055	)		(10,752,309	)		(6,551,725	)		11,373,877		(13,706,521	)		15,034,551			(3,676,932	)	$	(75,043,916	)
CASH AND BORROWINGS
Beginning Book Cash Balance		25,500,000			73,113,747			31,108,719			27,159,664			16,407,355			9,855,631		21,229,508			7,522,987			22,557,539		$	25,500,000
( +/- ) Net Cash Flow		(20,810,776	)		(42,005,028	)		(3,949,055	)		(10,752,309	)		(6,551,725	)		11,373,877		(13,706,521	)		15,034,551			(3,676,932	)		(75,043,916	)
( +/- ) Term Loan/DIP Draw / (Paydown) Net of OID Fee		101,630,000			—			—			—			—			0		—			—			—			101,630,000
( +/- ) Cash Collateral Released / (Cash Collateralizing LC’s)		(33,205,477	)		—			—			—			—			—		—			—			—			(33,205,477	)
( +/- ) Voids/Reversals/Other		—			—			—			—			—			—		—			—			—			—
Ending Book Cash Balance		73,113,747		$	31,108,719		$	27,159,664		$	16,407,355			9,855,631		$	21,229,508	$	7,522,987		$	22,557,539		$	18,880,607		$	18,880,607
Beginning DIP Facility Balance		—			104,000,000			104,000,000			104,000,000			—			—		—			—			—		$	—
( +/- ) DIP Draw / (Paydown)		104,000,000			—			—			(104,000,000	)		—			—		—			—			—			—
Ending DIP Facility Balance		104,000,000			104,000,000			104,000,000			—			—			—		—			—			—		$	—
Outstanding DIP Facility Letters of Credit	$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—		$	—		$	—
Beginning 1L Balance		221,000,000			221,000,000			221,000,000			221,000,000			325,000,000			325,000,000		325,000,000			325,000,000			325,000,000		$	221,000,000
( +/- ) 1L Draw / (Paydown)		—			—			—			104,000,000			—			—		—			—			—			104,000,000
Ending 1L Balance		221,000,000			221,000,000			221,000,000			325,000,000			325,000,000			325,000,000		325,000,000			325,000,000			325,000,000		$	325,000,000
Outstanding 1L Facility Letters of Credit	$	—		$	—		$	—		$	—		$	—		$	—	$	—		$	—		$	—

DRAFT - Subject to Material Change For Discussion Purposes Only