Rex Energy Releases Preliminary Well Results
Thursday, March 21, 2013
STATE COLLEGE, Pa. — Rex Energy Corporation announced today initial results from its first three shale gas wells, named the “Warrior South Wells,” in Ohio’s Utica shale.
According to Tom Stabley, Rex Energy’s chief executive officer, the company is excited about the test results and has identified approximately 45 additional well locations.
Guernsey County
The Guernsey 2H well, located in Noble County, Ohio, was drilled to a depth of approximately 12,097 feet with a lateral length of 3,640 feet. The gas being produced is approximately 1,207 BTU (39% NGLs, 43% gas and 18% condensate).
The Guernsey 1H well, located in Noble County, Ohio, was drilled to a depth of approximately 11,963 feet with a lateral length of 3,587 feet. The gas being produced is approximately 1,216 BTU (39% NGLs, 43% gas and 18% condensate).
Noble County
The Noble 1H well, located in Noble County, Ohio, was drilled to a depth of approximately 11,740 feet with a lateral length of 3,378 feet. The gas being produced is approximately 1,216 BTU (41% NGLs, 45% gas and 14% condensate).
Rex Energy currently holds approximately 6,700 gross acres within the Warrior South Prospect in its Joint Development Area with MFC Drilling, Inc. and ABARTA Oil and Gas Co., Inc.
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How often do royalty payments come?
Depending on the company, royalty payments can arrive monthly or quarterly.
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Yes. If you plan on selling your property, notify the gas company that is leasing your land and your realtor. They will make arrangements to allow the royalty payments to transfer to a different land owner.
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Royalties are payments from the gas company to the landowner as part of a lease agreement. Royalties payments cannot begin until production begins. The payments are dependent upon the market price of the resource.