- The two Marcellus wells produced at an average 24-hour sales rate per well of 12.1 MMcfe/d with 57% liquids production
- Baird 4H (Marcellus) produced 213 bbls per day of condensate, the highest rate to date in the Butler Operated Area
- Average 24-hour sales rate per well of 10.1 MMcfe/d; 56% liquids
STATE COLLEGE, Pa., June 12, 2017 (GLOBE NEWSWIRE) — Rex Energy Corporation (Nasdaq:REXX) today announced that it has placed into sales the four-well Baird pad in the Moraine East Area. The Baird wells were drilled to an average lateral length of approximately 7,140 feet and completed in an average of 39 stages and 2,727 pounds of sand. The wells produced at an average 24-hour sales rate per well, assuming full ethane recovery, of 10.1 MMcfe/d consisting of 4.4 MMcf/d of natural gas, 823 bbls/d of NGLs and 124 bbls/d of condensate.
|Four-Well Baird Pad – 24 Hour Sales Rates|
|Baird 2H||Upper Devonian||3,806||710||105||8,695|
|Average 24-Hour Sales Rate for Baird Pad||4,396||823||124||10,082|
“We are extremely pleased with the results from the Baird pad, and in particular, with the two Marcellus wells that averaged over 12.0 MMcfe/d. In addition, the Baird 4H produced the highest condensate rates we’ve seen to date in the entire Butler Operated Area. The strong performance of the Baird wells, which are located in the northernmost part of Moraine East, demonstrates the future potential for the northern portion of the field,” said Tom Stabley, Rex Energy’s President and Chief Executive Officer. He continued, “The placement of the Baird pad into sales marks another success in the execution of our two-year plan. We remain on schedule to place the six-well Shields, four-well Mackrell and four-well Wilson pad into sales in the latter half of this year, which will be the catalyst for increased production growth in the second half of 2017.”
Note: the company has provided an update to the June 2017 corporate presentation on slides 4 through 9. The June 2017 corporate presentation can be found on the company’s website at www.rexenergy.com in the Investor Relations section.