STATE COLLEGE, Pa., April 8, 2014 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq: REXX ) today announced 5-day sales rates from its three-well Ocel pad in the company's Warrior North Prospect.
The three-well Ocel pad, located in Carroll County, Ohio, was placed into sales from its resting period at an average five-day sales rate per well (excluding downtime) of 1,472 Boe/d (48% NGLs, 44% gas, 8% condensate) assuming full ethane recovery and an average natural gas shrink of 18%. The three wells produced with an average casing pressure of 1,560 psi during the five-day sales period on an average 26/64 inch choke. The three-well pad was drilled to an average total measured depth of approximately 12,700 feet with an average lateral length of approximately 4,400 feet and was completed with an average of 29 stages, utilizing the company's 150' "Super Frac" design. Based on composition analysis, the gas being produced averaged 1,282 BTU.
| Three-Well Ocel Pad Well Results – 5-Day Sales Rates | ||||||
| Natural Gas (Mcf/d) | Condensate (Bbls/d) | NGLs (Bbls/d) | Total (Full Ethane Recovery) (Boe/d) | Percentage of Liquids (Full Ethane Recovery) | Total (Ethane Rejection Mode) (Boe/d) | |
| Ocel 1H | 3,774 | 112 | 722 | 1,463 | 57% | 1,058 |
| Ocel 2H | 3,911 | 121 | 663 | 1,436 | 55% | 1,079 |
| Ocel 3H | 3,848 | 137 | 737 | 1,516 | 58% | 1,105 |
| Average | 3,844 | 123 | 707 | 1,472 | 56% | 1,081 |
"Our most recent results in the Warrior North Prospect further confirm the potential of our assets in Carroll County," commented Tom Stabley, Rex Energy's Chief Executive Officer. "With eight wells now into sales in the Warrior North Prospect and over 100 additional drilling locations, we have begun to demonstrate the value of our Warrior North Prospect."
About Rex Energy Corporation
Rex Energy is headquartered in State College, Pennsylvania and is an independent oil and gas exploration and production company operating in the Appalachian and Illinois Basins within the United States. The company's strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of federal securities laws. All statements, other than statements of historical facts, included in this release that address activities, events or developments that Rex Energy expects, believes or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside Rex Energy's ability to control or predict, that could cause results to differ materially from management's current expectations. These risks and uncertainties include, but are not limited to, economic and market conditions, operational considerations, the timing and success of our exploration and development efforts and other uncertainties. Additional information concerning these and other factors can be found in our press releases and public periodic filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2013, and we strongly encourage you to review those documents. You should not place undue reliance on forward-looking statements, which reflect management's views only as of the date of this release. We undertake no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise .
Mark Aydin Manager, Investor Relations (814) 278-7249
