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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.

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