This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Rex Energy Provides Operational Update

Stocks in this article: REXX

STATE COLLEGE, Pa., March 22, 2011 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) is providing the following operational update for each of its operating regions. Unless specifically stated otherwise in this news release, all numbers are gross.

Appalachian Basin - Butler County, Pennsylvania

In Butler County, where Rex Energy operates and owns a 70% working interest (WI), the company is fracture stimulating the fourth of five wells on its Drushel pad. The company expects to sell natural gas and associated liquids from the Drushel wells by April 30, 2011. In addition, the company has completed drilling its three well Talarico pad and expects to begin fracture stimulation around April 30, 2011. The company has begun drilling operations on the first of seven wells on its Grosick pad.

The company's second operated rig in Butler County is drilling the first of two wells on the McElhinny pad. Once completed, the rig will move to the three well Behm pad. Both rigs are contracted pursuant to two year agreements with Union Drilling Inc. for 2011 and 2012. 

The company has contracted a third rig in Butler County, which is expected to arrive in April 2011. The rig has been retained for a seven well commitment from Bronco Drilling Company Inc. and is expected to begin drilling operations on the six well Gilliland pad, which includes Rex Energy's first Burkett test well. Subsequent to the drilling of the Gilliland pad, the company will utilize the rig to drill its first Utica test well.

Appalachian Basin - Westmoreland & Clearfield Counties, Pennsylvania

Williams Companies is the operator of Rex Energy's acerage in Westmoreland and Clearfield Counties, where Rex Energy owns a 40% non-operated working interest.

Williams has completed drilling the three Androstic wells and has moved its contracted rig to the National Metal pad, where drilling operations are currently underway on the first of two wells.  Williams has informed the company that they expect to fracture stimulate two of the five Uschak wells and place them into service in time for the commissioning of the Salem Beagle Club tap from Williams' gathering line into the EQT pipeline on May 1, 2011. Williams has informed the company that Williams expects to fracture stimulate four additional Westmoreland County wells during May 2011. The second Williams operated rig has completed drilling four additional wells in the Uschak Unit, bringing the total to nine wells drilled in that unit. The rig is currently drilling the first of three wells on the Marco pad.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,387.21 -291.49 -1.65%
S&P 500 2,029.55 -27.54 -1.34%
NASDAQ 4,681.4970 -90.2660 -1.89%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs