Rex Energy (REXX) established a $189.7 million capital budget for 2012, with approximately 90% directed towards the development of the company’s Marcellus Shale acreage.
Rex Energy plans to spend $168.1 million on its operated and non operated Marcellus Shale acreage in the Appalachian Basin. The funds will be split between its operated and non operated acreage.
Butler County
Rex Energy is the operator in this area and plans to drill 12 gross or 8.4 net wells and complete 20 gross or 12.9 net wells in 2012. The company expects to put 21 gross or 13.6 net wells onto production during the year.
Westmoreland, Clearfield and Centre Counties
Rex Energy is involved as a non operator with Williams (WMB) in this area and owns a 40% working interest in the Marcellus Shale. The joint venture is expected to drill 17 gross or 6.6 net wells and complete 16 gross or 6.4 net wells in 2012. The company expects to put 16 gross or 6.4 net wells onto production during the year.
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