Rex Energy Corp. (Nasdaq: REXX) has announced its total estimated proved oil, NGL and natural gas reserves as of Dec. 31, 2014.
Rex Energy reported proved oil and natural gas reserves of 1,337 Bcfe, an increase of approximately 487.0 Bcfe, or 57% from total proved reserves reported at year-end 2013. Proved developed reserves were 586.7 Bcfe at year-end 2014, as compared to 356.5 Bcfe at year-end 2013, a 65% increase. In addition, the company's PV-10 increased approximately $536.6 million, or 80% to $1.2 billion, from year-end 2013 PV-10 of $668.7 million. Of the approximately 1.3 Tcfe of total proved reserves, 37% was attributable to oil, condensate and natural gas liquids, with 63% attributable to natural gas.
The proved reserves estimates as of December 31, 2014 were prepared by the company's independent reservoir engineers, Netherland, Sewell & Associates Inc. Rex Energy successfully replaced 972% of its estimated production of 56,352 MMcfe for the 12 months ended December 31, 2014 with a proved reserves-to-production ratio of 23.7 years.
The company and NSAI were successful in confirming down-spacing from 750 to 650 foot spaced laterals in the Butler Operated Area. In addition, NSAI has confirmed, based upon the data currently available, the Marcellus and Upper Devonian Burkett are separate reservoirs and can be booked independently within the company's acreage. The production performance history of the Upper Devonian Burkett wells is at a level that allows PUD type-curves to be booked at the same level as the Marcellus shale wells. The company expects to update its Butler Operated Area Marcellus and Ohio Utica Warrior North and South type curves in the coming weeks. The proved undeveloped to proved developed ratio for the period ending December 31, 2014 is 0.83 to 1.
Rex Energy is headquartered in State College, Pa.
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