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Corporate April 2012 Presentation – Rex Energy Corp

Rex Energy Corp · Apr 10, 2012 · 35 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Corporate April 2012 Presentation – Rex Energy Corp – slide 1
    Rex Energy Corporate Presentation April 2012 Responsible Development of Americas Energy Resources Rex Energy Corporation 476 Rolling Ridge Drive State College, PA 16801 P: (814) 278-7267 F: (814) 278-7286 E:…
  2. Corporate April 2012 Presentation – Rex Energy Corp – slide 2
    Rex Energy Overview Market Data NASDAQ: REXX Common shares outstanding: 52.9 million1 18% Ownership with corporate officers and directors Share Price: 10.682 Market Capitalization: 565 million2 52 Week Price Range: 9.29 - 18.002…
  3. Corporate April 2012 Presentation – Rex Energy Corp – slide 3
    Annual Consecutive Growth 70,000 68% Average Daily Production (Mcfe) 60,000 50,000 92% 40,000 30,000 26% 20,000 4% 10,000 0 2009 (A) 2010 (A) 2011 (A)1 2012 Revised Midcase Guidance (E) Natural Gas NGL &…
  4. Corporate April 2012 Presentation – Rex Energy Corp – slide 4
    2011 Proved Reserves 2011 PDP PUD Reserves Proved Reserves Growth Ratio of 1.27 PUD to 1 PDP in the Marcellus Shale Proved Reserves PV-10 % Proved Oil Price Natural Gas Price NGL Price Year (Bcfe) (Millions) Developed Assumption1…
  5. Corporate April 2012 Presentation – Rex Energy Corp – slide 5
    2011 Proved Reserves 2011 Reserves By Region 2011 Reserves By Commodity PDP Reserves PDNP Reserves PUD Reserves Total Proved Area (MMcfe) (MMcfe) (MMcfe) Reserves (MMcfe) Appalachia 4,703 - - 4,703 Conventional Appalachia…
  6. Corporate April 2012 Presentation – Rex Energy Corp – slide 6
    2012 Operating Capital Budget Capital Budget Allocation by Activity 2012 Capital Program Breakdown Activity Budget ( in millions) Drilling and Exploitation 121.6 Tertiary Recovery Projects 8.4 Facilities, Equipment, & HS&E 14.8…
  7. Corporate April 2012 Presentation – Rex Energy Corp – slide 7
    2012 Capital Program Allocation Capital Expenditures by Operatorship Capital Expenditures by Project Areas 2012 Capital Budget Activity Appalachia Illinois Total Drilling and Exploitation 119.6 2.0 121.6 Tertiary Recovery…
  8. Corporate April 2012 Presentation – Rex Energy Corp – slide 8
    First Quarter and Full Year 2012 Guidance First Quarter Full Year 2012 2012 Average Daily Production 56.0 60.0 Mmcfe/d 63.0 68.0 Mmcfe/d Lease Operating Expense 11.0 12.0 million 50.0 55.0 million Cash G&A 5.0 6.0 million 20.0…
  9. Corporate April 2012 Presentation – Rex Energy Corp – slide 9
    Current Hedging Summary Current Production Hedged Crude Oil 100% % of Current % of Current Avg. Floor Avg. Ceiling with Floor with Ceiling Price Price 90% 2012 87% 87% 68.39 111.08 80% 2013 80% 80% 72.44 112.56 70% Commodity %…
  10. Corporate April 2012 Presentation – Rex Energy Corp – slide 10
    Acreage Summary Westmoreland, Centre, Clearfield Non-Operated Area 44,600 gross (16,500 net) acres Other Operated Utica Acreage in Mercer County Pennsylvania 9,300 gross (3,400 net) Carroll County Warrior Prospect 15,000…
  11. Corporate April 2012 Presentation – Rex Energy Corp – slide 11
    Rex Energy Liquids-Rich Resource Potential1 Butler Upper Devonian: Total Liquids-Rich Operating Area Resource Liquids Rich Potential1 MMBOE Bcfe Butler Marcellus: Liquids Rich Oil & Condensate 52.6 315.7 NGLs 110.8 664.5 Warrior…
  12. Corporate April 2012 Presentation – Rex Energy Corp – slide 12
    Leasing Program Focused on Liquids-Rich Areas Change Year-End 2010 Year-End 2011 Year-to-Year Total Marcellus Acreage (Net) 56,200 66,400 +10,200 Marcellus Liquids-Rich Areas (Net)1 34,100 44,800 +10,700 Percent of Marcellus…
  13. Corporate April 2012 Presentation – Rex Energy Corp – slide 13
    Appalachia Overview Butler Area (Operated) 67,200 gross (44,800 net) acres Joint Venture with Sumitomo in Butler County 70% Rex / 30% Sumitomo Butler Midstream Joint Venture 60% Stonehenge / 28% Rex / 12% Sumitomo Access to three…
  14. Corporate April 2012 Presentation – Rex Energy Corp – slide 14
    Butler Operated Area Butler Operated Area Consolidated acreage position of 67,200 gross (44,800 net) acres Cheeseman 1 Utica Shale Test 9.2 MMcf/d 24-Hour Test Rate Allows for minimal rig movement Decreases in drilling time…
  15. Corporate April 2012 Presentation – Rex Energy Corp – slide 15
    Butler County Marcellus Economics Butler County Wet Gas Type Curve Butler Area (Operated) Assumptions 6,000 Gas Production Rate (Mcfe/d) Well costs of 5.3 million per well 5,000 4,000 Lateral length of 3,500 ft. 3,000 30-Day…
  16. Corporate April 2012 Presentation – Rex Energy Corp – slide 16
    Devonian Shales & Utica/Point Pleasant FORMATION NAME & DESCRIPTION Butler County Area presents the potential of four productive reservoirs, three of which have liquids potential RHINESTREET SHALE Reservoir 4 UPPER DEVONIAN…
  17. Corporate April 2012 Presentation – Rex Energy Corp – slide 17
    Butler Area Midstream & Infrastructure Firm transportation of 85.0 gross MMcf/d Butler Operated Area 25.0 gross MMcf/d available March 2012 Cheeseman 1 Remaining 60.0 gross MMcf/d available January 2013 Pipeline tap into NFG Sarsen…
  18. Corporate April 2012 Presentation – Rex Energy Corp – slide 18
    Utica Shale Overview 90,800 gross (62,400 net) acres in the Utica Shale1 Butler County Operations 66,400 gross (44,100 net) acres REXX - Cheeseman 1H 9.2 Successful well test in 2011 in Butler MMcf/d Dry Gas 24-Hour Test Rate…
  19. Corporate April 2012 Presentation – Rex Energy Corp – slide 19
    Ohio Utica Warrior Prospect REXX G. Graham Well Expected Location 15,000 acres in the Utica Shale CHK Mangun 22-15-5 Close access to infrastructure and pipelines 8H -1.5 Mboe/d Acreage within liquids rich window of the REXX Brace…
  20. Corporate April 2012 Presentation – Rex Energy Corp – slide 20
    Butler Area Utica Shale Resource Potential1 Rex Energy Cheeseman 1H 9.2 MMcf/d Dry Gas 24-Hour Test Rate Butler Operated Area: Utica Shale Dry Gas Unproved Prospective 43,800 Acreage2 Assumed % Drilled3 30% Well Spacing3 120…
  21. Corporate April 2012 Presentation – Rex Energy Corp – slide 21
    Marcellus Non-Operated Overview Westmoreland, Clearfield and Centre Counties, PA Sizeable acreage position with 44,600 gross (16,500 net) acres1 34 Wells producing in Westmoreland County 4 Wells producing in Centre County 4 Wells…
  22. Corporate April 2012 Presentation – Rex Energy Corp – slide 22
    Westmoreland County Marcellus Economics Westmoreland County Dry Gas Type Curve 5,000 Gas Production Rate (Mcfe/d) 4,500 4,000 Westmoreland County (Non-Operated) 3,500 3,000 Assumptions 2,500 2,000 Well costs of 5.8 million…
  23. Corporate April 2012 Presentation – Rex Energy Corp – slide 23
    Non-Operated Midstream and Infrastructure Westmoreland County, PA 17.0 gross MMcf/d capacity through Ecker Station tap into Dominion line 35.0 gross MMcf/d capacity through high pressure delivery system into Peoples line 29.0 gross…
  24. Corporate April 2012 Presentation – Rex Energy Corp – slide 24
    Lawrence Field ASP Overview 13,100 gross (13,000 net) acres in Lawrence Field Illinois Basin Estimated 1 billion barrels of original-oil-in-place (OOIP) Middagh Unit, ASP Project Field has produced 400 MMBbls since 1906…
  25. Corporate April 2012 Presentation – Rex Energy Corp – slide 25
    Lawrence Field ASP Update Middagh Pilot: Production increased from 16 BOPD and has maintained a range of 65 75 gross BOPD over the last 90 days; peak Perkins-Smith Middagh Pilot Griggs production was seen at 100+ BOPD 58 Acres 15…
  26. Corporate April 2012 Presentation – Rex Energy Corp – slide 26
    ASP Economics Resource Potential Range Confirmed Resource Potential: North & Central Lawrence Units1 Proved reserve bookings at 13% of pore volume Low Case High Case recovery confirming mid-point resource potential range of 31.5…
  27. Corporate April 2012 Presentation – Rex Energy Corp – slide 27
    Appendix Responsible Development of Americas Energy Resources
  28. Corporate April 2012 Presentation – Rex Energy Corp – slide 28
    Assumed Net Asset Value ( in millions) Description Scenario A Scenario B 536.5 539.6 2011 Year-End Proved Reserves 366.2 Bcfe (NYMEX PV-101) (SEC PV-102) Warrior Prospect (Liquids-rich Utica) 90.0 225.0 15,000 Net Acres - Net…
  29. Corporate April 2012 Presentation – Rex Energy Corp – slide 29
    Wet Gas Economic Yields 3.75 NYMEX equates to 3.95 per Mcf of net revenue 3.75 NYMEX Henry Hub 100.00 NYMEX WTI Wellhead Production 1 mcf of Natural Gas Natural Gas NGLs Production by Product .900 mcf 1.64 gallons/ mcf(2)…
  30. Corporate April 2012 Presentation – Rex Energy Corp – slide 30
    Butler Marcellus Operated Wells In Inventory Pad Gross Well Count Net Well Count Status Gilliland 11-HB 1 0.7 Completed awaiting pipeline Grosick(1) 4 1.7 All wells placed in service Carson 3 2.1 Currently Fracture Stimulating…
  31. Corporate April 2012 Presentation – Rex Energy Corp – slide 31
    Butler Operated Drilling Schedule Pad Gross Well Count Net Well Count Status Lynn N&S 2 1.4 Drilling second of two wells JRGL 1 0.7 Awaiting Drilling Rig Stebbins 1 0.7 Awaiting Drilling Rig Meyer 1 0.7 Awaiting Drilling Rig…
  32. Corporate April 2012 Presentation – Rex Energy Corp – slide 32
    Utica Shale Drilling & Completion Schedule Area Pad Gross Well Count Net Well Count Status Butler County, PA Cheeseman 1H 1 0.7 Placed into sales March 1st Carroll County, OH Brace 1 0.8 Drilling rig in transit to location Carroll…
  33. Corporate April 2012 Presentation – Rex Energy Corp – slide 33
    Non Operated Drilling & Completion Schedule County Pad Gross Well Count Net Well Count Status Westmoreland Duralia 3 1.2 Wells Drilled Awaiting Completion One of three wells on pad awaiting Westmoreland McBroom 1 0.4 completion…
  34. Corporate April 2012 Presentation – Rex Energy Corp – slide 34
    Current Hedging Summary Full Year 2012-2013 Crude Oil(1) 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Collar Contracts Volume Hedged 150,000 150,000 150,000 150,000 135,000 135,000 135,000 135,000 Ceiling 111.08 111.08 111.08 111.08…
  35. Corporate April 2012 Presentation – Rex Energy Corp – slide 35
    Current Hedging Summary Contd Natural Gas Hedges Contd(1) 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 Put Contracts Volume - - - - 660,000 660,000 660,000 660,000 Floor - - - - 5.00 5.00 5.00 5.00 Collar Contracts with Short…

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