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UPDATE 1-Rex Energy sees surge in 2011 production
January 26, 2011 / 11:32 PM / 7 years ago

UPDATE 1-Rex Energy sees surge in 2011 production

* Year-end 2010 proved reserves up 95 pct

* Sees 71-95 pct increase in 2011 output

Jan 26 (Reuters) - Oil and natural gas explorer Rex Energy Corp (REXX.O) forecast a 71-95 percent increase in 2011 output as it expects to start production from its group of five wells in Butler county, Pennsylvania.

The company said it set a capital budget of $148.8 million with 74 percent, or $109.5 million, in the liquids-rich area of the Marcellus Shale and the company’s oil projects.

Year-end 2010 proved reserves increased 95 percent to 201.7 billions of cubic feet equivalent.

The 2011 capital budget is net of an estimated $30.0 million drilling carry from the company’s joint venture with Sumitomo, it said.

Shares of the company closed at $12.39 on Wednesday on Nasdaq. (Reporting by Mayuresh Tungare in Bangalore; Editing by Vyas Mohan)

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