Rex Energy (REXX)
Q4 2011 Earnings Call
February 22, 2012 10:00 am ET
Thomas C. Stabley - Co-Founder, Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer and Director
Patrick M. McKinney - President and Chief Operating Officer
Neal Dingmann - SunTrust Robinson Humphrey, Inc., Research Division
Leo P. Mariani - RBC Capital Markets, LLC, Research Division
Ronald E. Mills - Johnson Rice & Company, L.L.C., Research Division
Michael Scialla - Stifel, Nicolaus & Co., Inc., Research Division
Good morning, and thank you for joining the Rex Energy Corporation conference call to discuss full year and fourth quarter 2011 operational and financial results. [Operator Instructions] I would now like to introduce Tom Stabley, Chief Executive Officer of Rex Energy. Please begin.
Thomas C. Stabley
Good morning, and welcome to the Rex Energy year-end conference call. During the call this morning, we will be making forward-looking statements and statements referring to management estimates. Please see the cautionary notes regarding these types of statements in the March corporate presentation posted on our website. We will also refer to certain non-GAAP financial measures like EBITDAX and ask that you refer to the reconciliations in our earnings release for additional information.
Moving on to Slide 4. I would like to take you through some of the key achievements for Rex Energy from the past year. 2011 was a story of growth and execution for Rex Energy. During the year, we drilled 31 gross, 19.8 net wells in our Butler County, Pennsylvania Operated Area and participated in the drilling of 27 gross, 10.4 net wells in our non-operated areas in Westmoreland and Centre counties, focusing predominantly on the Marcellus Shale. During the same period, we placed into service 21 gross, 13.9 net wells in Butler County and 30 gross, 12 net wells in our non-operated areas.