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Rex Energy announces well results

Yesterday, Rex Energy Corp. shared its initial production test results from its first two wells in the Moriane East Area, Pennsylvania.

Rex Energy recently completed its operations on its four-well Renick pad.  The pad consists of three Marcellus shale wells and one Upper Devonian Burkett well. The wells the company has shared production tests results for are the Renick 2H and the Renick 3H.

According to Rex Energy’s press release, “The Renick 2H was drilled to a lateral length of approximately 6,000 feet and completed in 40 stages with sand concentrations of 2,300 pounds per foot. The Renick 2H produced at a 24-hour test rate, assuming full ethane recovery, of approximately 6.6 MMcfe/d, consisting of 3.0 MMcf/d of natural gas, 566 bbls/d of NGLs and 47 bbls/d of condensate. At the time the Renick 2H was shut in, the well was still cleaning up and continuing to experience an increase in the production rate. Based on composition analysis, the gas being produced is approximately 1,309 BTU.”

The Renick 3H is estimated to be 5,700 feet deep and was completed in 38 stages with concentrations of 2,300 pounds per foot.  It produced at a 24 hour rate, “assuming full ethane recovery, of approximately 8.2 MMcfe/d, consisting of 3.5 MMcfe/d of natural gas, 675 bbls/d of NGLs and 101 bbls/d of condensate.”  The Renick 3H now holds the highest condensate production rate record in the Butler Operated Area.

Rex Energy is planning on placing the four-well pad into sales at the end of this year “in conjunction with MarkWest Energy Partners, L.P. (NYSE:MWE) commissioning the Bluestone III processing facility and the completion of the Moraine East gathering system.”  As of now, Rex Energy does not plan on testing the other two wells at the four-well Renick pad.

Rex Energy’s Chief Executive Officer Tom Stabley commented on the results of the two wells:

I am extremely pleased with the initial results of our first two Moraine East wells … The initial test results mark a significant milestone in our development of the Moraine East Area, demonstrating the value of the prospect, and further supporting our belief that it is analogous to the legacy Butler Operated Area. We are particularly pleased with the increased liquids production from these wells, and anticipate that our increased sand concentration and completion design will continue to yield increased IPs and EURs going forward.

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