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Sunday, September 28, 2014

Rex Energy Provides Third Quarter Update

From a Rex Energy press release:
Appalachian Basin - Warrior North Prospect 
In the Warrior North Prospect, the company recently placed into sales the six-well Grunder pad. The six wells were drilled with an average lateral length of approximately 4,800 feet and completed with an average of 24 completion stages. In addition, the company tested approximately 600 and 500 foot spacing between the laterals on the six wells. Initial results from the downspacing tests are encouraging and the company will continue to monitor production results going forward. Using an 18/64" choke size, the six-well Grunder pad produced at an average 5-day sales rate per well of approximately 1.2 Mboe/d, comprised of 2.1 MMcf/d of natural gas, 454 bbls/d of condensate and 433 bbls/d of NGLs (assuming full ethane recovery). 
In addition, the company recently placed into sales the three-well Jenkins pad. The three wells were drilled with an average lateral length of approximately 5,350 feet and completed with an average of 33 completion stages. Also utilizing an 18/64" choke size, the three-well Jenkins pad produced at an average 5-day sales rate per well of approximately 1.6 Mboe/d, comprised of 2.7 MMcf/d of natural gas, 609 bbls/d of condensate and 563 bbls/d of NGLs (assuming full ethane recovery). 
"We are pleased with the most recent results from our Warrior North Prospect," said Tom Stabley, Chief Executive Officer of Rex Energy. "With more than 70% of the production from these wells coming from condensate and natural gas liquids, we believe these wells further demonstrate the value of our Ohio Utica assets. In addition, we believe that the restricted choke sizes we are utilizing will lead to better well performance over the life of the assets."
Read the whole release by clicking here. 

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