Rex Energy Corporation

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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 was the first of three planned vertical wells that were to 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 was approximately 675 Mcf per day. In March, 2009 there was a further update that Rex also had two wholly-owned wells in Butler County that were selling between 50 and 400 mcf/d or as much as the pipelines were able to 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 was complete on the three vertical test wells mentioned above in Westmoreland County. Two had already been hydro-fractured, and a third one was to 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 was probably the same one previously mentioned in Westmoreland County.

Also, in early December, 2008 it was reported that Rex had two wells in Clearfield County, Pennsylvania--one was complete and another one was still underway. Both were to be completed by year-end 2008.

Rex 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 Rex 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 that stated the two completed Westmoreland County wells were now producing with a flowrate of 300 - 500 Mcf per day, and that a third well there was to be complete in mid-December. Drilling was still underway on the Clearfield and Butler County wells.

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., were also drilled and were expected to be completed during the first quarter of 2009 after the gas processing facility had been installed.

According the aforementioned March, 2009 update by year-end 2008 Rex had seven vertical wells located in three distinct operating regions in Pennsylvania.

In a May, 2009 update, the company announced that it had finished drilling its first horizontal Marcellus shale well in southwest Pennsylvania. It is located in Butler County. The company planned to hydro-fracture and complete the well in June, 2009. Rex was in the process of gearing up to drill a second horizontal well in Westmoreland County, PA. Also, it was analyzing the core taken from the already drilled horizontal one as well as acquiring seismic data taken from its various areas of operation across the state. The company anticipated drilling several more wells before year-end 2009. It planned to analyze core samples from these wells and to conduct further testing in order to enhance its understanding of the reservoir and serve as a basis for further planning. Gathering pipelines had been established in all its areas of operations and a new gas processing plant built in Butler County. Rex continued to lease acreage in its prime areas of operations albeit on a very selective basis.

Wells located in Westmoreland County tend to be twice as deep as those in Butler County, and with the increased depth comes increased pressure and thus higher production rates. For that reason, most of the horizontal wells planned for the balance of 2009 were to be in the deeper Marcellus shale located in Westmoreland County.

The company's President and CEO is Benjamin W. Hulburt.

Thomas Stabley is Executive Vice President and CFO.

William Ottaviani is COO.

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Rex Energy Corporation

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Revision as of 15:11, 8 May 2009

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 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.
+This was the first of three planned vertical wells that were to 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.
+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 was 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.
+In March, 2009 there was a further update that Rex also had two wholly-owned wells in Butler County that were selling between 50 and 400 mcf/d or as much as the pipelines were able to 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-fracturing|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.
+In November, 2008, the company reported that drilling was complete on the three vertical test wells mentioned above in Westmoreland County. Two had already been [[Hydro-fracturing|hydro-fractured]], and a third one was to 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 was probably the same one previously mentioned in Westmoreland County.
-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.
+Also, in early December, 2008 it was reported that Rex had two wells in Clearfield County, Pennsylvania--one was complete and another one was still underway. Both were to be completed by year-end 2008.
-It also has acreage in Centre County, Pennsylvania.
+Rex also has acreage in Centre County, Pennsylvania.
  An approximate breakdown of Rex's drilling rights in the State are:
 ,000 acres TOTAL
-According to a March, 2009 report owns drilling rights to 62,000 net acres that are prospective for Marcellus shale.
+According to a March, 2009 report Rex 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 provided an update in December, 2008 that stated the two completed Westmoreland County wells were now producing with a flowrate of 300 - 500 Mcf per day, and that a third well there was to be complete in mid-December. Drilling was still underway on the Clearfield and Butler County wells.
-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.
+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., were also drilled and were expected to be completed during the first quarter of 2009 after the gas processing facility had been installed.
-According the March, 2009 update by year-end Rex had seven vertical wells located in three distinct operating regions in Pennsylvania.
+According the aforementioned March, 2009 update by year-end 2008 Rex had seven vertical wells located in three distinct operating regions in Pennsylvania.
+In a May, 2009 update, the company announced that it had finished drilling its first horizontal Marcellus shale well in southwest Pennsylvania. It is located in Butler County. The company planned to hydro-fracture and complete the well in June, 2009. Rex was in the process of gearing up to drill a second horizontal well in Westmoreland County, PA. Also, it was analyzing the core taken from the already drilled horizontal one as well as acquiring [[seismic data]] taken from its various areas of operation across the state. The company anticipated drilling several more wells before year-end 2009.  It planned to analyze core samples from these wells and to conduct further testing in order to enhance its understanding of the reservoir and serve as a basis for further planning. Gathering pipelines had been established in all its areas of operations and a new gas processing plant built in Butler County. Rex continued to lease acreage in its prime areas of operations albeit on a very selective basis.
+Wells located in Westmoreland County tend to be twice as deep as those in Butler County, and with the increased depth comes increased pressure and thus higher production rates. For that reason, most of the horizontal wells planned for the balance of 2009 were to be in the deeper Marcellus shale located in Westmoreland County.
 The company's President and CEO is Benjamin W. Hulburt.