Rex Energy Reports Second Quarter 2013 Results

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From a Rex Energy press release:
Appalachian Basin — Warrior North Prospect, Carroll County, Ohio
To date during 2013, Rex Energy has drilled three gross (three net) wells in the Warrior North Prospect, with four gross (four net) wells fracture stimulated and four gross (four net) wells placed into sales. The company expects to have three gross (three net) wells awaiting completion at the end of 2013.
The Brace West 1H, located in Carroll County, Ohio, was placed into sales from its 60-day resting period in July 2013 and produced at a five-day sales rate of 1,464 Boe/d (48% NGLs, 31% gas, 20% condensate) and a natural gas shrink of 36%. The well went on to average a 25-day sales rate of 1,140 Boe/d (44% NGLs, 28% gas, 28% condensate) and a natural gas shrink of 36%. The well produced with an average casing pressure of 2,434 psi during the five-day sales period on an average 18/64 inch choke and 1,932 psi during the average 25-day sales period on an average 18/64 inch choke. The well was drilled to a total measured depth of 12,109 feet with a lateral length of approximately 4,178 feet and was completed in 27 stages, using the company's "Super Frac" completion technique. Based on composition analysis, the gas being produced is approximately 1,298 BTU.
The Brace West 2H, located in Carroll County, Ohio, was placed into sales from its 60-day resting period in July 2013 and produced at a five-day sales rate of 1,260 Boe/d (39% NGLs, 26% gas, 36% condensate) and a natural gas shrink of 36%. The well went on to average a 25-day sales rate of 1,135 Boe/d (41% NGLs, 28% gas, 31% condensate) and a natural gas shrink of 36%. The well produced with an average casing pressure of 1,739 psi during the five-day sales period on an average 24/64 inch choke and 1,602 psi during the average 25-day sales period on an average 23/64 inch choke. The well was drilled to a total measured depth of 12,425 feet with a lateral length of approximately 4,658 feet and was completed in 30 stages, using the company's "Super Frac" completion technique. Based on composition analysis, the gas being produced is approximately 1,286 BTU.
As previously reported, the company placed into sales the two-well G. Graham pad during the second quarter. The G. Graham 1H produced at a five-day sales rate of 1,710 Boe/d, a 30-day sales rate of 1,257 Boe/d and a 60-day rate of 1,042 Boe/d. During the 60-day sales period, the well produced with an average casing pressure of 1,339 psi on a 24/64 inch choke. The company continues to evaluate the results of the G. Graham 2H and will provide an update on its findings once the review is complete.
The table below lists, where available, the 5-day and 30-day sales rates for the company's recent completions.
 
5-Day Sales Rate (Average Per Well)
Well
Name		Natural Gas
(Mcf/d)		Condensate
(Bbls/d)		NGLs
(Bbls/d)		Total — Ethane Recovery
(BOE/d)		%
Liquids		Total — Ethane Rejection
(BOE/d)
G. Graham 1H3,0754977011,71070%1,417
Brace West 1H2,7512967091,46469%1,164
Brace West 2H1,9394484881,26074%1,045
 
25-day and 30-Day Sales Rate (Average Per Well)
Well
Name		Natural Gas
(Mcf/d)		Condensate
(Bbls/d)		NGLs
(Bbls/d)		Total — Ethane Recovery
(BOE/d)		%
Liquids		Total — Ethane Rejection
(BOE/d)
G. Graham 1H12,5082665721,25667%1,017
Brace West 1H21,9443155011,14072%928
Brace West 2H21,8643554691,13573%929
1 30-day rate
2 25-day rate
Appalachian Basin — Warrior South Prospect, Guernsey, Noble & Belmont Counties, Ohio
During the second quarter of 2013, the company placed into sales its first three wells in the Warrior South Prospect. The Noble 1H, located in Noble County, Ohio, produced at a five-day sales rate of 1,783 Boe/d and a 30-day sales rate of 1,469 Boe/d. The Guernsey 2H, located in Noble County, Ohio, produced at five-day sales rate of 1,764 Boe/d and a 30-day sales rate of 1,812 Boe/d. The Guernsey 1H, located in Noble County, Ohio, produced at a five-day sales rate of 1,646 Boe/d and a 30-day sales rate of 1,518 Boe/d.
The company has completed drilling on the five-well J. Anderson pad in the Warrior South Prospect. The wells were drilled to an average lateral length of approximately 4,250 feet and are expected to be placed into sales near the end of 2013.  With the completion of drilling of the fifth J. Anderson well, the rig moved back to the Warrior North Prospect to begin drilling operations on the three-well Ocel pad.
The table below lists, where available, the 5-day and 30-day sales rates for the company's recent completions.
 
5-Day Sales Rate (Average Per Well)
Well
Name		Natural Gas
(Mcf/d)		Condensate
(Bbls/d)		NGLs
(Bbls/d)		Total — Ethane Recovery
(BOE/d)		%
Liquids		Total — Ethane Rejection
(BOE/d)
Noble 1H4,6942387631,78356%1,329
Guernsey 2H4,4502477751,76458%1,335
Guernsey 1H4,1592287241,64658%1,245
Average4,4342387541,73157%1,303
 
 
30-Day Sales Rate (Average Per Well)
Well
Name		Natural Gas
(Mcf/d)		Condensate
(Bbls/d)		NGLs
(Bbls/d)		Total — Ethane Recovery
(BOE/d)		%
Liquids		Total — Ethane Rejection
(BOE/d)
Noble 1H3,9851586481,46955%1,083
Guernsey 2H4,6882148161,81257%1,361
Guernsey 1H4,0591926151,48454%1,106
Average4,2441886931,58855%1,183
 
Total Operated Area — Ohio Utica Shale
 Wells DrilledWells Fracture StimulatedWells Placed Into SalesWells Awaiting Completion
YTD 20138475
FY 2013 Forecast119123
Read all of the operational and financial results here.

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