Rex Energy Announces Results of Four-Well Baird Pad in Moraine East Area
June 12 2017 - 4:01PM
Rex Energy Corporation (Nasdaq:REXX) today announced that it has
placed into sales the four-well Baird pad in the Moraine East Area.
The Baird wells were drilled to an average lateral length of
approximately 7,140 feet and completed in an average of 39 stages
and 2,727 pounds of sand. The wells produced at an average 24-hour
sales rate per well, assuming full ethane recovery, of 10.1 MMcfe/d
consisting of 4.4 MMcf/d of natural gas, 823 bbls/d of NGLs and 124
bbls/d of condensate.
Four-Well Baird Pad – 24 Hour Sales
Rates |
Well |
Formation |
Natural Gas (Mcf/d) |
NGLs (Bbls/d) |
Condensate (Bbls/d) |
Total (Mcfe/d) |
Baird 1H |
Marcellus |
5,072 |
938 |
108 |
11,348 |
Baird 4H |
|
5,393 |
1,032 |
213 |
12,860 |
Average |
5,232 |
985 |
160 |
12,104 |
|
|
|
|
|
|
Baird 2H |
Upper Devonian |
3,806 |
710 |
105 |
8,695 |
Baird 3H |
|
3,316 |
613 |
72 |
7,427 |
Average |
3,561 |
661 |
89 |
8,061 |
|
|
|
|
|
Average 24-Hour Sales Rate for Baird
Pad |
4,396 |
823 |
124 |
10,082 |
“We are extremely pleased with the results from
the Baird pad, and in particular, with the two Marcellus wells that
averaged over 12.0 MMcfe/d. In addition, the Baird 4H
produced the highest condensate rates we’ve seen to date in the
entire Butler Operated Area. The strong performance of the Baird
wells, which are located in the northernmost part of Moraine East,
demonstrates the future potential for the northern portion of the
field,” said Tom Stabley, Rex Energy’s President and Chief
Executive Officer. He continued, “The placement of the Baird pad
into sales marks another success in the execution of our two-year
plan. We remain on schedule to place the six-well Shields,
four-well Mackrell and four-well Wilson pad into sales in the
latter half of this year, which will be the catalyst for increased
production growth in the second half of 2017.”
Note: the company has provided an update to the June 2017
corporate presentation on slides 4 through 9. The June 2017
corporate presentation can be found on the company’s website at
www.rexenergy.com in the Investor Relations section.
Forward-Looking Statements
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, events, 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 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, 2016, 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.
About Rex Energy Corporation
Headquartered in State College, Pennsylvania, Rex Energy is an
independent oil and gas exploration and production company with its
core operations in the Appalachian Basin. The company’s strategy is
to pursue its higher potential exploration drilling prospects while
acquiring oil and natural gas properties complementary to its
portfolio.
For more information contact:
Investor Relations
(814) 278-7130
InvestorRelations@rexenergycorp.com