STATE COLLEGE, Pa., June 2, 2014 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) today announced that it has begun flowing gas into MarkWest Energy Partners, LP (NYSE:MWE) ("MarkWest") Bluestone II processing facility.
Rex Energy began flowing gas into the Bluestone II facility on May 19, 2014. Once fully commissioned, the expanded facility will add an incremental 120 MMcf/d of processing capacity in the Butler Operated Area (of which 100 MMcf/d will be dedicated to Rex Energy). When combined with the 90 MMcf/d of processing capacity already available at the Sarsen and Bluestone I processing facilities, Rex Energy will have approximately 190 MMcf/d of dedicated processing capacity to support its Butler Operated Area development plans. Of the 11 wells that were previously completed and awaiting processing capacity, the company has placed 5 wells into sales and expects to place 5 more into sales this week. The company expects to place the one remaining well into sales by the end of the second quarter. In addition, Rex Energy expects its first ethane sales of approximately 2,000 bbls/d to occur in early June 2014, with an incremental 3,000 bbls/d of ethane sales to begin on or around July 1, 2014. The company expects to update its previously announced production guidance in the upcoming weeks as additional information regarding the plant commissioning process becomes available.
"We would like to thank our partners at MarkWest for their hard work and diligent efforts to bring the Bluestone II processing facility online," said Tom Stabley, Chief Executive Officer of Rex Energy. "We are pleased that we've begun delivering gas to the Bluestone II facility and, once fully commissioned, the increased processing capacity will support our development plans and help us to maximize the potential of our Butler Operated Area assets."
About Rex Energy Corporation
Rex Energy, headquartered in State College, Pennsylvania, 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, events or developments 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, 2013, and we strongly encourage you to review those documents. You should not place undue reliance on forward-looking statements, which 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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Source:Rex Energy Corporation