Rex Energy Corporation
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Revision as of 06:31, 2 December 2008
Here is where some info about Rex Energy Corporation should go. This article is still a stub and needs your attention. It does not have a template and contains minimal information. Please dive in and help it grow!
State College, Pennsylvania-based Rex Energy Corporation (NASDAQ: REXX) was reported in September, 2008 to have drilled its first Marcellus test well in Westmoreland County, Pennsylvania. This is the first of three planned vertical wells that will be drilled to a depth of 9,000 feet. The company holds approximately 68,000 acres of Marcellus Shale leases.
An October, 2008 report stated that Rex has active locations in Butler County, Pennsylvania. It owns a 50% interest with a partner in two wells there. Initial production on these wells is approximately 675 Mcf per day.
In November, 2008, the company reported that drilling is complete on the three test wells above in Westmoreland County. Two have already been hydro-fractured, and the third will be fractured in November.
Also, Rex plans to drill two vertical wells in Clearfield County, Pennsylvania before the end of 2008.
It also has acreage in Centre County, Pennsylvania.
An approximate breakdown of Rex's drilling rights in the State are: * 29,000 acres - Clearfield than Centre Counties * 18,000 acres - Westmoreland County * 13,000 acres - Butler County * 10,000 acres - All other ------ 70,000 acres TOTAL
The company has also received permission from the Susquehanna River Basin Commission to withdraw up to four million gallons per day for Marcellus shale drilling operations.
The company's President and CEO is Benjamin W. Hulburt.
Thomas Stabley is Executive Vice President and CFO.
William Ottaviani is COO.
