- Placed into sales the four-well Powell pad at an average 5-day sales rate per well of 9.3 MMcfe/d
- Completed drilling operations on four-well Renick pad in Moraine East Area
STATE COLLEGE, Pa., March 16, 2015 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) provided an operational update on the company's Appalachian Basin operations.
Appalachian Basin – Legacy Butler Operated Area
During the first quarter of 2015, the company placed the four-well Powell pad into sales. The four-well Powell pad was drilled with an average lateral length of 5,500 feet and completed with an average sand concentration of approximately 2,300 pounds per foot. The four-well Powell pad produced at an average 5-day sales rate per well of approximately 9.3 MMcfe/d.
The company has also placed the two-well Hamilton pad into sales. The two wells on the pad were drilled with an average lateral length of approximately 4,700 feet and completed with an average sand concentration of approximately 2,300 pounds per foot. The two-well Hamilton pad produced at an average 5-day sales rate per well of approximately 7.8 MMcfe/d.
"We are very pleased with the performance to date of our two most recent pads in the Butler Operated Area," said Tom Stabley, Rex Energy's Chief Executive Officer. "The results of the Powell and Hamilton pads support our belief that increased sand concentration utilized during the completion process results in higher IPs and better performance on our Marcellus type curve. Based on the 5-day sales rates, these two pads are on trend to meet or exceed our 2015 Marcellus type curve projections."
The company has released its second rig in the Appalachian Basin and expects to run a one-rig program through the remainder of 2015.
Appalachian Basin – Moraine East Area
In the Moraine East Area, the company has completed drilling the final well of the four-well Renick pad. The four wells on the pad were drilled to an average lateral length of approximately 5,820 feet. The company expects to begin completion operations on the four-well Renick pad at the end of March 2015.
Appalachian Basin – Warrior North Prospect, Carroll County, Ohio
As previously announced, the company's first quarter 2015 production had been constrained, in part because of involuntary production curtailments in the Warrior North Prospect due to downtime at the Blue Racer compressor station. The issue at the Blue Racer compressor station has been resolved and the company does not anticipate future production to be constrained in the Warrior North Prospect.
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, 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, 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.
CONTACT: Investor Relations (814) 278-7249 InvestorRelations@rexenergycorp.com
Source:Rex Energy Corporation