Exploration & Production
Rex Sees Uptick in Marcellus, Utica Proved Reserves at Year-End 2013
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Rex Energy Corporation has reported its total estimated proved oil, NGL and natural gas reserves as of December 31, 2013.
Estimated Proved Reserves
Rex Energy reported proved oil and natural gas reserves as of December 31, 2013 of 849.8 Bcfe, an increase of 37% over December 31, 2012. Of the 849.8 Bcfe of proved reserves, 39% was attributable to oil, natural gas liquids and condensate, assuming 55% ethane recovery. The proved developed portion of the reserves increased to 356.5 Bcfe from 257.9 Bcfe as of December 31, 2012. The proved reserves estimates as of December 31, 2013 were prepared by the company's independent reservoir engineers, Netherland, Sewell & Associates, Inc. Rex Energy successfully replaced 923% of its estimated production of 33,850 Mcfe for the twelve months ended December 31, 2013 with a proved reserves-to-production ratio of 25.1 years.
The following table summarizes Rex Energy's total proved reserves by region as of December 31, 2013:
Below is a summary of the number of net wells by proved reserve classification for the company's Appalachian Basin as of December 31, 2011, 2012 and 2013.
The proved undeveloped to proved developed ratio for the period ending December 31, 2013 is 1.00 to 1.