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Rex Energy Announces Results Of First Ohio Utica Shale Well, Provides Operational Update And Upcoming Conference Schedule

Stocks in this article: REXX

STATE COLLEGE, Pa., Sept. 26, 2012 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) today announced initial production results from its first Ohio Utica Shale well and provided an update on its operations.

The Brace #1H, located in Carroll County, Ohio, was brought online to sales from its 60-day resting period at a 24-hour sales rate, assuming full ethane recovery, of 1,094 Boe/d (43% NGLs, 31% gas, 26% condensate). The well went on to average a 5-day sales rate, assuming full ethane recovery, of 1,008 Boe/d (43% NGLs, 30% gas, 27% condensate). The well produced with an average casing pressure of 1,502 psi during the initial 24-hour sales period and 1,533 psi during the average 5-day sales period on a 24/64 inch choke. The well was drilled to a total measured depth of 12,332 feet with a lateral length of approximately 4,170 feet and was completed in 17 stages. Based on composition analysis, the oil from the Brace #1H is 60.1 degree API gravity and the gas is approximately 1,250 BTU.

 

Brace #1H Results (Boe/d) 
  Natural Gas Condensate NGLs Total (Full Ethane Recovery) Percentage of Liquids (Full Ethane Recovery) Total (Ethane Rejection Mode)
24-hour sales rate 336 291 467 1,094 69% 911
5-day sales rate 306 273 429 1,008 70% 839

"We are pleased with the results of our first Ohio Utica Shale well, the Brace #1H," commented Tom Stabley, Rex Energy's Chief Executive Officer. "We believe that the initial sales from the well on a per lateral foot basis are among the best results in Carroll County to date."

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