Rex Energy Proved Reserves Highest Yet: 1.1 Trillion Cubic Feet
Mid-year is the time oil and gas companies post an update on their proved reserves. MDN has run a few articles over the past couple of weeks highlighting some of those announcements for Marcellus/Utica drillers (see Gastar Proved Reserves Up 43% – 3/4 of it in the Marcellus and Magnum Hunter Proved Reserves Up 10.7%, Marcellus/Utica Tops). We provided an EIA article that helps define what proved (and other types of) reserves are (see Defining Our Terms: Different Types of O&G Reserves). On Monday Rex Energy got in the act and released their mid-year update on proved reserves. The company reports reserves have hit their highest level ever, exceeding 1 trillion cubic feet…
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The seven Pennsylvania townships that sued and ultimately won the right to gut the Act 13 law over zoning regulations (Robinson, Nockamixon, South Fayette, Peters, Cecil, Mount Pleasant, and the Borough of Yardley) don’t want drilling in their townships, but they sure love the money that comes from drilling. In addition to gutting the zoning provisions in the Act 13 law, the towns bridled when the Public Utility Commission (PUC), acting in accordance with the Act 13 law, withheld money from four of the seven towns for their anti-drilling ordinances that violate state oil and gas drilling law. Yesterday the court said the PUC couldn’t do that anymore–further gutting Act 13. However, three other outstanding issues about Act 13 were decided in favor of the drilling industry, including the so-called doctor “gag rule”…