Rex Energy’s Oil and Gas Reserves Increase 57%
STATE COLLEGE, Pa. — Rex Energy Corp. reported Tuesday that as of Dec. 31 it had increased its proved reserves by 57% in the Appalachian basin to 1.3 trillion cubic feet equivalent of natural gas, natural gas liquids and oil in the Marcellus and Utica shale plays.
The bulk of these holdings are located in the company’s Butler Operated Area in western Pennsylvania, the company said.
Rex said the Butler Operated Area contains a total of 1.041 trillion cubic feet equivalent of proved reserves of oil, natural gas liquids and natural gas. Its Moraine East/Western Lawrence County area contains 24.1 billion cubic feet equivalent, while its Warrior Prospects in the Utica in Ohio contains 126.9 billion cubic feet equivalent.
Rex reported its operations in Westmorland, Centre, and Clearfield counties in Pennyslvania holds 99.9 billion cubic feet equivalent of oil, natural gas and NGLs.
Of the total proved reserves, 37% was attributable to oil, condensate and natural gas liquids, while 63% was composed of natural gas.
Last week, the company announced it placed the six-well J. Hall pad in Guernsey County, Ohio, into sales at an average rate of 2,365 barrels of oil per day, per well. The company says its Utica wells produced 43% natural gas liquids, 36% dry gas and 21% condensate.
The company plans to place into sales 11 Marcellus shale wells in its Legacy Butler (Pa.) Operated Area during the first quarter of 2015. The company has reduced its drilling and completion costs per well by 5% to $5.7 million per well, assuming a 5,000-foot lateral, from previously reported $6 million per well.
Rex also announced it has finished drilling its first well, the Renick 5H, in its Moraine East area in Butler County, Pa. The company will complete four wells at the Renick pad by the first quarter of 2015.
SOURCE: Rex Energy Corp.
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