Rex Energy Provides Operations Update
October 11 2017 - 7:30AM
Rex Energy Corporation (Nasdaq:REXX) today provided an update on
its Butler Operated Area operations.
Operational Update
Two-Well Frye Pad – Moraine East Area
The company has placed the two-well Frye pad into sales. The two
wells were drilled to an average lateral length of approximately
6,300 feet and completed in an average of 42 stages. The two wells
produced at an average 24-hour sales rate per well, assuming full
ethane recovery, of 9.4 MMcfe/d, consisting of 4.1 MMcf/d of
natural gas, 820 bbls/d of NGLs and 70 bbls/d of condensate. The
two wells represent, on a per lateral foot basis, the highest rates
the company has achieved to date in the Moraine East Area.
Two-Well Frye Pad – 24-Hour Sales
Rate |
Pad |
Natural Gas (Mcf/d) |
NGLs (Bbls/d) |
Condensate (Bbls/d) |
Total (Mcfe/d) |
Liquids % |
Frye 1H |
4,046 |
809 |
73 |
9,338 |
57 |
% |
Frye 3H |
4,146 |
832 |
66 |
9,534 |
57 |
% |
Two-Well Average |
4,096 |
820 |
70 |
9,436 |
57 |
% |
“Over the last six months, the company has partnered with an
engineering firm to review our historical completion data with the
goal of developing an improved completion design,” said Tom
Stabley, President and CEO of Rex Energy. “The wells on the Frye
pad are the first to be completed with this new design and we are
encouraged by the early results. In addition, our operations team
continues its strong pace of completing and placing wells into
sales, which keeps us on track to achieve our year-end production
exit rates.”
Four-Well Wilson Pad – Legacy Butler Operated Area
The company has finished completing the four-well Wilson pad in
the Legacy Butler Operated Area. The four wells were drilled to an
average lateral length of approximately 9,300 feet and completed in
an average of 51 stages. The four wells are expected to be placed
into sales in November 2017.
Three-Well Manuel Pad – Moraine East Area
Following the completion of the Wilson pad, the company has
begun completing the three-well Manuel pad in the Moraine East
Area. The three wells were drilled to an average lateral length of
approximately 6,750 feet. The company expects to finish completions
of the Manuel pad and place the wells into sales in the fourth
quarter of 2017. In addition, the company remains on schedule to
place additional compression for the Moraine East Area into service
in January 2018.
Third Quarter Production Guidance
Given the strong production results and consistent operational
performance during the quarter, the company expects its third
quarter 2017 production to be near the high end of the previously
announced third quarter production guidance of 171.0 – 181.0 MMcfe
per day.
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)
278-7130InvestorRelations@rexenergycorp.com