Rex Energy Corporation
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| An approximate breakdown of Rex's drilling rights in the State are: | An approximate breakdown of Rex's drilling rights in the State are: | ||
| - | * 29,000 acres - Clearfield than Centre Counties | + | * 29,000 acres - Clearfield and Centre Counties |
| * 18,000 acres - Westmoreland County | * 18,000 acres - Westmoreland County | ||
| * 13,000 acres - Butler County | * 13,000 acres - Butler County | ||
Revision as of 17:49, 20 March 2009
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 shale 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 March, 2009 there was a further update that Rex also has two wholly-owned wells in Butler County that are selling between 50 and 400 mcf/d or as much as the pipelines will accept in that area.
The March update mentioned above indicated that Rex is building a refrigeration processing plant in Butler County that will initially be able to handle between 3-5 million cu. ft./d, but will be expandable up to 25 million/d.
In November, 2008, the company reported that drilling is complete on the three vertical test wells mentioned above in Westmoreland County. Two have already been hydro-fractured, and a third one will be hydro-fractured in November. In the March 2009 update the company announced a third well in southwest Pennsylvania with an average flow-rate of 1.4 million cu. ft./day. This is probably the same previously mentioned Westmoreland one.
Also, in early December, 2008 it was reported that Rex has two wells in Clearfield County, Pennsylvania--one complete and one still underway. Both should be completed by year-end.
It also has acreage in Centre County, Pennsylvania.
An approximate breakdown of Rex's drilling rights in the State are: * 29,000 acres - Clearfield and Centre Counties * 18,000 acres - Westmoreland County * 13,000 acres - Butler County * 10,000 acres - All other ------ 70,000 acres TOTAL
According to a March, 2009 report owns drilling rights to 62,000 net acres that are prospective for Marcellus shale.
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 provided an update in December, 2008 stating that the two completed Westmoreland County wells are now producing with a flowrate of 300 - 500 Mcf per day, and that a third well there will be complete in mid-December. Drilling is still underway on the Clearfield and Butler County wells. One of the Clearfield well encountered 150 feet of Marcellus shale.
The company also completed drilling of its first vertical test well in Clearfield County, Pa., encountering 150 feet of Marcellus Shale formation. Two vertical wells in Butler County, Penn., have also been drilled and are expected to be completed during the first quarter of 2009 after the gas processing facility has been installed.
According the March, 2009 update by year-end Rex had seven vertical wells located in three distinct operating regions in Pennsylvania.
The company's President and CEO is Benjamin W. Hulburt.
Thomas Stabley is Executive Vice President and CFO.
William Ottaviani is COO.
