Rex Energy Corporation (NASDAQ:REXX) 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.
“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.”
Shares of Rex Energy closed today at $3.15, down $0.10 or -3.08%. REXX has a 1-year high of $9.80 and a 1-year low of $2.30. The stock’s 50-day moving average is $0.63 and its 200-day moving average is $0.56.
Rex Energy Corp. is an independent energy company, which engages in acquisition, production, exploration and development of oil, natural gas and natural gas liquids with properties concentrated in the Appalachian and Illinois regions of the United States. It operates through the Exploration and Production and Field Services segment. The Exploration and Production segment engages in the exploration, acquisition, development and production of oil, natural gas and Liquids. The Field Services segment operates and manages water sourcing, water transfer and water disposal services, primarily in the Appalachian Basin.