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Tuesday, May 6, 2014

Rex Energy Reports 2014 First Quarter Results

From a Rex Energy press release:
Appalachian Basin - Warrior North Prospect, Carroll County, Ohio 
In the Warrior North Prospect, the company drilled four gross (4.0 net) wells in the first quarter, with four gross (3.9 net) wells fracture stimulated and three gross (2.9 net) wells placed into service. The company had six gross (6.0 net) wells awaiting completion as of March 31, 2014
The company has completed drilling and completion operations on the six-well Grunder pad, located in Carroll County, Ohio, and is currently resting the wells prior to placing them into sales. The six wells were drilled to an average total measured depth of approximately 12,905 feet with an average lateral length of approximately 4,800 feet. In addition, the company tested 500 foot spacing between laterals on one of the six wells. The remaining wells on the Grunder pad were drilled with approximately 600 feet between the laterals. The six wells are expected to be placed into sales in mid-2014 following their 60-day resting period. 
As previously reported, the company placed into sales the three-well Ocel pad during the first quarter. The three wells produced at an average five-day sales rate of 1,472 Boe/d and went on to produce at a 30-day sales rate of 1,128 Boe/d. During the 30-day sales period, the wells produced with an average casing pressure of 1,643 psi on a 22/64 inch choke. 
Appalachian Basin - Warrior South Prospect, Guernsey, Noble & Belmont Counties, Ohio 
In the Warrior South Prospect, the company expects to begin drilling operations on the six-well J. Hall pad, located in Guernsey County, in the second quarter of 2014. The six-wells on the J. Hall pad are expected to be drilled with an average lateral length of approximately 5,400 feet and are testing approximately 650 foot spacing between the laterals on the pad. The six-well J. Hall pad is expected to be completed in the fourth quarter of 2014 and placed into sales near the end of 2014. 
Total Operated Area - Ohio Utica Shale
Wells DrilledWells Fracture StimulatedWells Placed Into SalesWells Awaiting Completion
FY 2014 Forecast121812 -- 180
Read the entire release by clicking here.

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