STATE COLLEGE, Pa., Oct. 11, 2017 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) today provided an update on its Butler Operated Area operations.
Operational Update
Two-Well Frye Pad – Moraine East Area
The company has placed the two-well Frye pad into sales. The two wells were drilled to an average lateral length of approximately 6,300 feet and completed in an average of 42 stages. The two wells produced at an average 24-hour sales rate per well, assuming full ethane recovery, of 9.4 MMcfe/d, consisting of 4.1 MMcf/d of natural gas, 820 bbls/d of NGLs and 70 bbls/d of condensate. The two wells represent, on a per lateral foot basis, the highest rates the company has achieved to date in the Moraine East Area.
| Two-Well Frye Pad – 24-Hour Sales Rate | ||||||
| Liquids % | ||||||
| Frye 1H | 4,046 | 809 | 73 | 9,338 | 57 | % |
| Frye 3H | 4,146 | 832 | 66 | 9,534 | 57 | % |
| Two-Well Average | 4,096 | 820 | 70 | 9,436 | 57 | % |
“Over the last six months, the company has partnered with an engineering firm to review our historical completion data with the goal of developing an improved completion design,” said Tom Stabley, President and CEO of Rex Energy. “The wells on the Frye pad are the first to be completed with this new design and we are encouraged by the early results. In addition, our operations team continues its strong pace of completing and placing wells into sales, which keeps us on track to achieve our year-end production exit rates.”
Four-Well Wilson Pad – Legacy Butler Operated Area
The company has finished completing the four-well Wilson pad in the Legacy Butler Operated Area. The four wells were drilled to an average lateral length of approximately 9,300 feet and completed in an average of 51 stages. The four wells are expected to be placed into sales in November 2017.
Three-Well Manuel Pad – Moraine East Area
Following the completion of the Wilson pad, the company has begun completing the three-well Manuel pad in the Moraine East Area. The three wells were drilled to an average lateral length of approximately 6,750 feet. The company expects to finish completions of the Manuel pad and place the wells into sales in the fourth quarter of 2017. In addition, the company remains on schedule to place additional compression for the Moraine East Area into service in January 2018.
Third Quarter Production Guidance
Given the strong production results and consistent operational performance during the quarter, the company expects its third quarter 2017 production to be near the high end of the previously announced third quarter production guidance of 171.0 – 181.0 MMcfe per day.
About Rex Energy Corporation
Headquartered in State College, Pennsylvania, Rex Energy is an independent oil and gas exploration and production company with its core operations in the Appalachian Basin. The company’s strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio.
