Rex 2013: Proved Reserves up 37%, Avg Drilling Costs Up Too
We like to refer to Rex Energy, the State College-based Marcellus/Utica driller as the little energy company that could. Rex is quite a bit smaller than some of the big boys, with just 77,000 leased acres in the Marcellus and 20,000 acres in the Utica. But they appear to be a healthy company–and they stay focused on their core mission of drilling in the northeast. We’ve recently mentioned “proved reserves” for some of the big boys in the Marcellus and Utica–reserves in the trillions of cubic feet. Rex’s proved reserves are in the billions of cubic feet.
Below is a Rex announcement from a few days ago outlining their proven reserves. It’s a good update because it also outlines their average costs to drill, and the locations where they drill…
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Like all things legal–and like all things NY–this story is a tad complex, so please bear with us. If you have an interest in whether, and when, NY begins shale fracking, this is an important story. For some time MDN has told you about the lawsuit that has been prepared and waiting (for funds) to move forward by the Joint Landowners Coalition of New York (JLCNY). Their lawsuit was to focus on “takings,” the legal concept that New York State has denied landowners the sovereign right to use their own property as they see fit–to lease it for shale drilling–and by doing so the state owes them just compensation for “taking” away that value (see our story from last April:Â