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Rex Energy Announces Warrior South Well Results

Stocks in this article: REXX

STATE COLLEGE, Pa., March 18, 2013 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) today announced initial results from its first three Warrior South Prospect wells in the Ohio Utica.

The Guernsey 2H, located in Noble County, Ohio, tested at a peak 24-hour rate of 3,111 Boe/d (39% NGLs, 43% gas, 18% condensate), assuming full ethane recovery and a natural gas shrink of 20%. The well produced with an average casing pressure of 2,229 psi during the initial 24-hour test period on a 30/64 inch choke. The well was drilled to a total measured depth of approximately 12,097 feet with a lateral length of approximately 3,640 feet and was completed in 23 stages. Based on composition analysis, the gas being produced is approximately 1,207 BTU.

The Guernsey 1H, located in Noble County, Ohio, tested at a peak 24-hour rate of 2,968 Boe/d (39% NGLs, 43% gas, 18% condensate), assuming full ethane recovery and a natural gas shrink of 20%. The well produced with an average casing pressure of 2,682 psi during the initial 24-hour test period on a 24/64 inch choke. The well was drilled to a total measured depth of approximately 11,963 feet with a lateral length of approximately 3,587 feet and was completed in 23 stages. Based on composition analysis, the gas being produced is approximately 1,216 BTU.

The Noble 1H, located in Noble County, Ohio, tested at a peak 24-hour rate of 2,938 Boe/d (41% NGLs, 45% gas, 14% condensate), assuming full ethane recovery and a natural gas shrink of 20%. The well produced with an average casing pressure of 2,562 psi during the initial 24-hour test period on a 24/64 inch choke. The well was drilled to a total measured depth of approximately 11,740 feet with a lateral length of approximately 3,378 feet and was completed in 21 stages. Based on composition analysis, the gas being produced is approximately 1,216 BTU.

Warrior South Well Results – 24-Hour Test Rates
  Natural Gas (Mcf/d) Condensate (Bbls/d) NGLs (Bbls/d) Total (Full Ethane Recovery) (Boe/d) Percentage of Liquids (Full Ethane Recovery) Total (Ethane Rejection Mode) (Boe/d)
Guernsey 2H 8,082 564 1,200 3,111 57% 2,360
Guernsey 1H 7,603 549 1,152 2,968 57% 2,261
Noble 1H 8,004 392 1,212 2,938 55% 2,194

"We are very excited about the test results of our first three Warrior South wells," commented Tom Stabley, Rex Energy's Chief Executive Officer. "We believe our test results, combined with other reported industry results, demonstrate the opportunity for superior well performance in this region. These results and our 2013 development plans will help us to demonstrate the potential value of our Warrior South position, where we have identified approximately 45 additional gross well locations."

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