Thursday, August 12, 2010

Butler County, PA: Marcellus Shale Update

By Andrea:

Rex Energy Corporation (REXX) recently released an update on the Marcellus Shale in Butler County, PA:

They noted that this area of the Marcellus Shale fairway is liquid rich, resulting in a higher profit margin than the dry gas areas of the play. Additionally, due to the shallower depth and relatively consistent geology in the area, they believe this will ultimately be one of the lower cost areas to drill wells.

For the year-to-date (July 2010), they have completed four new horizontal Marcellus Shale wells in Butler County. In addition, there are five wells drilled and awaiting completion in two wells currently being drilled.

Due to significant improvement in the drilling efficiencies, Rexx Energy Corp. expects to have all of the ten wells of their previously announced plan of drilling to be completed by the time the cryogenic plant commences operations early in the fourth quarter.

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