Profile: Rex Energy Corp (REXX.O)
6 Dec 2013
Rex Energy Corporation, incorporated on March 8, 2007, is an independent oil and gas company operating in the Appalachian Basin and Illinois Basin. In the Appalachian Basin, the Company is focused on its Marcellus Shale drilling projects and Utica Shale and Upper Devonian Shale exploration activities. In the Illinois Basin, it is focused on the implementation of enhanced oil recovery on its properties, as well as conventional oil production. As of December 31, 2011, it operated approximately 2,117 wells, which include approximately 517 disposal and injection wells. During the year ended December 31, 2011, it produced an average of 49.2 net million cubic feet equivalent per day, composed of approximately 69.5% natural gas and 30.5% oil and natural gas liquids (NGLs). During 2011, in the Appalachian Basin it averaged net production of approximately 27.6 million cubic feet equivalent per day of natural gas and NGLs. During 2011, it drilled 64.0 gross (34.2 net) wells, which includes one gross (one net) well drilled in connection with its Lawrence Field ASP Flood Project.
In the Illinois Basin, the Company owns an interest in 1,842 wells, which includes 506 disposal and injection wells. It has approximately 61,700 gross (35,000 net) acres owned and under lease. As of December 31, 2011, total estimated proved reserves, and proved developed reserves, in the Illinois Basin were 0.2 billion cubic feet equivalent to approximately 49.1 billion cubic feet equivalent. The Company is implementing an alkali-surfactant-polymer (ASP) flood project in the Cypress and Bridgeport Sandstone reservoirs of its Lawrence Field acreage. The Lawrence Field ASP Flood Project is considered an Enhanced Oil Recovery (EOR) project, which refers to recovery of oil that is not producible by primary or secondary recovery methods. As of December 31, 2011, it owned and operated 21.2 square miles (approximately 13,500 net acres) of the Lawrence Field. The Cypress (Mississippian) and the Bridgeport (Pennsylvanian) sandstones are the major producing horizons in the field. As of December 31, 2011, approximately 40% of the estimated one billion barrels of original oil in place has been produced.
As of December 31, 2011, the Company owned an interest in approximately 512 producing natural gas wells in the Appalachian Basin, located in Pennsylvania. In addition to the producing wells in the basin, the Company owned 89.0 gross Marcellus Shale proved undeveloped drilling locations and 1.0 gross Burkett Shale proved undeveloped drilling location with total reserves of 192.9 billion cubic feet equivalent, and three locations, including one each in the Marcellus, Utica, and Burkett Shale plays, with proved developed non-producing reserves totaling 8.3 billion cubic feet equivalent. As of December 31, 2011, it had approximately 162,200 gross (93,900 net) acres in the Appalachian Basin under lease, of which 104,100 gross (69,400 net) acres were undeveloped. As of December 31, 2011, it had interests in approximately 129,200 gross (66,400 net) Marcellus Shale prospective acres in areas of Pennsylvania. It expanded its Utica Shale exploration activities into Ohio during 2011, acquiring approximately 13,000 gross (12,900 net) acres.
Rex Energy Corp
Suite 300, 476 Rolling Ridge Dri
STATE COLLEGE PA 16801