Rex to Increase Drilling in Carroll County
May 10, 2017
Canton Repository. Rex Energy will soon be busy in Carroll County, where it plans to drill 12 Utica Shale wells this year.
The State College, Pa.-based company outlined its expanded drilling program during a conference call with investors Wednesday.
Rex had planned to drill five wells in Carroll, but a new financing agreement will allow the company to accelerate its plans.
That means drilling seven more wells in Carroll from the existing Jenkins and Goebeler pads, where Rex has seen strong production of condensate, a petroleum liquid that is lighter than oil but heavier than natural gas.
Rex will start drilling in Carroll during the second half of this year. The wells will have an average lateral length of 7,000 feet and most of them will begin production in early 2018.
Rex President and CEO Thomas C. Stabley said the company would assess production rates and condensate prices during the latter half of 2018 and decide whether to drill more wells in Carroll.
During the first quarter of 2017, Rex produced 173.4 million cubic feet of natural gas equivalent per day, 36 percent of it from natural-gas liquids and condensate.
Rex had a profit of $2.1 million or 2 cents per basic share during the quarter, a large improvement from the $62 million loss during last year’s first quarter.
By Shane Hoover
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