Rex Energy Announces Fourth Quarter 2010 Production Increased 32% Over Fourth Quarter 2009

• 2010 production increased 26% over 2009, and natural gas production increased 104% over 2009.
• Fourth quarter 2010 EBITDAX (defined below) increased 82% over fourth quarter 2009.
• Fourth quarter 2010 production revenue, including cash settled derivatives, increased 27% compared to fourth quarter 2009.

STATE COLLEGE, Pa., Feb. 15, 2011 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) today announced financial and operational results for the fourth quarter and full year of 2010.

Fourth Quarter Operational and Financial Results

Total production during fourth quarter 2010 averaged 22.8 MMcfe per day, of which 51% was attributable to oil, 47% to natural gas and 2% to NGLs. Fourth quarter production represented a 32% increase over fourth quarter 2009, including a 102% increase in natural gas production. The increase in natural gas production was primarily attributable to gas sales through the Sarsen cryogenic gas processing plant (the Sarsen Plant) in Butler County, Pennsylvania, which was commissioned during the fourth quarter.

"We are pleased with our 61% reserve growth at year end 2010 compared to the prior year and the beginning of operations at the Sarsen gas processing plant," said Dan Churay, President and Chief Executive Officer of the company. "We look forward to increasing production to plant capacity as soon as possible and aggressively executing our development plans in 2011."

Rex Energy reported a fourth quarter 2010 net loss of approximately $6.5 million, or $0.15 per share. EBITDAX, a non-GAAP measure, was $8.1 million for fourth quarter 2010, up 82% compared to fourth quarter of 2009. The increase in EBITDAX was attributable to a higher oil price environment as well as higher natural gas production volumes. As used in this release, "EBITDAX" means income (loss) from continuing operations, before interest, income tax, depreciation, depletion, amortization, impairment and the other items that the table below outlines. EBITDAX is not a measure that United States generally accepted accounting principles (GAAP) recognizes. A full reconciliation between EBITDAX and GAAP net income (loss) from continuing operations is presented below.