Rex Energy Provides Operational Update
- Tested remaining wells on the four-well Renick pad in the Moraine East Area
- Placed into sales the two-well Harvey pad in the Legacy Butler Operated Area
- Commenced plans to drill and complete the first dry gas Utica well Western Lawrence
STATE COLLEGE, Pa., July 08, 2015 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) ("the company") today provided an operational update on the company's Appalachian Basin operations.
Moraine East Area
In the Moraine East Area, the company has tested the remaining two wells on the four-well Renick pad. The two wells were drilled to an average lateral length of approximately 5,900 feet, completed in an average of 39 stages and utilizing average sand concentrations of 2,350 pounds per foot. The two wells produced at an average 24-hour test rate, assuming full ethane recovery, of approximately 9.3 MMcfe/d, consisting of 4.0 MMcf/d of natural gas, 790 bbls/d of condensate and 85 bbls/d of condensate. Based on composition analysis, the gas being produced is approximately 1,300 BTU.
"We are very pleased to see continued strong performance from our new wells in the Moraine East and Legacy Butler areas", said Tom Stabley, Rex Energy's Chief Executive Officer. "The Renick wells have further de-risked the area while illustrating improved well response as a result of increased laterals and higher sand concentrations."
Legacy Butler Operated Area
In the Legacy Butler Operated Area, the company has placed into sales the two-well Harvey pad. The two wells were drilled to an average lateral length of approximately 6,000 feet, completed in an average of 40 stages and utilized sand concentrations of 2,500 pounds per foot. The two wells produced at an average 24-hour sales rate per well, assuming full ethane recovery, of 9.8 MMcfe/d, consisting of 5.1 MMcf/d of natural gas and 849 bbls/d of NGLs and condensate.
Western Lawrence Utica
The company plans to test its first dry gas Utica well in the Western Lawrence Utica region. The Patterson 2H will be drilled to a lateral length of approximately 7,000 feet. The well is expected to be drilled and completed in the third quarter of 2015 and placed into sales in the fourth quarter of 2015. Gathering and processing infrastructure for the development of this region is already in place, with approximately 50 MMcf/d of firm transportation.
"Our first test well in the Western Lawrence Utica is another important step for Rex Energy as we continue to develop our core assets", said Tom Stabley, Rex Energy's Chief Executive Officer. "With 200 drilling locations in the Western Lawrence Utica and gathering and processing infrastructure already in place, the Western Lawrence Utica acreage provides us with flexibility within our Appalachian Basin assets."
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 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.
This press release includes "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included in this release that address activities, event, developments, forecasts, or guidance that Rex Energy expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside Rex Energy's ability to control or predict, that could cause results to differ materially from management's current expectations. These risks and uncertainties include, but are not limited to, economic and market conditions, operational considerations, the timing and success of our exploration and development efforts and other uncertainties. Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2014, and we strongly encourage you to review those documents to understand these risks. You should not place undue reliance on forward-looking statements because they reflect management's views only as of the date of this release. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
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