Rex Energy Invested $88.3 Million in its Utica, Marcellus Operations

rex-energy-logo_308x100Times Reporter

By Shane Hoover

Rex Energy invested $88.3 million in its Utica and Marcellus operations during the third quarter, including nine gross wells the company put in service in Carroll County.

The State College, Pennsylvania-based driller released results from some of its Utica wells ahead of a conference call with analysts on Wednesday.

The six-well Grunder pad averaged a 30-day sales rate per well of 900 barrels of oil equivalent per day. That daily rate included 1.6 million cubic feet of natural gas, 288 barrels of condensate and 331 barrels of natural gas liquids, assuming ethane recovery

Another Carroll well, the three-well Jenkins pad, had a 30-day sales rate per well of 1,300 barrels of oil equivalent per day. That daily rate comprised 2.3 million cubic feet of natural gas, 484 barrels of condensate and 463 barrels of natural gas liquids, assuming ethane recovery

In Guernsey County, Rex has finished drilling its six-well J. Hall pad. The wells were drilled with an average lateral length of 5,400 feet with 650-foot spacing between the laterals. The wells are expected to begin producing near the end of the year.

In total, Rex Energy’s capital spending paid to drill 16 gross wells, frack 13 gross wells and place 20 gross wells into sales in the Marcellus and Utica shales.

During the quarter Rex also closed on its $120 million deal to buy the drilling rights to 208,000 gross acres in Pennsylvania and Ohio from SWEPI, a Royal Dutch Shell affiliate.

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