A major natural gas drilling company in the region has a multi-million-dollar exploration and development deal with a New York State-based investment firm that includes Butler County.

The exploration and development agreement between Rex Energy and an affiliate of Benefit Street Partners is valued at $175 million and includes tens of thousands of acres in the county, known as Rex’s Moraine East operating area.

The company’s Moraine East area encompasses about 52,800 acres in central, northern and northeastern Butler County. The agreement between Rex and BSP includes about 42,000 acres in Moraine East, and calls for BSP to partially fund the first 16 wells drilled in the region — 12 of which were completed in 2015 — and includes an option for BSP to participate in funding 36 additional wells in the region.

In a release announcing the deal, Rex Energy said the agreement would allow it to complete 15 additional wells in 2016. Those wells would be spread across the Moraine East and Warrior North operating area in Ohio.

A company spokesman said no more specific information was available about Rex’s drilling plans.

In its release, Rex said it also had begun operating a gathering and transportation system for the Moraine East area and expected to place the region’s first 12 wells into sales in the next few weeks. Final commissioning of the system’s high pressure phase is expected to take place in April.

Tom Stabley, the company’s president and CEO, called that system a keystone when it comes to Rex’s ability to “demonstrate the full value of this strategic prospect.”