Oil and gas company Rex Energy Corp. on Wednesday said it made progress at several of its Marcellus Shale drilling locations.

At its Westmoreland County, Pa., site the company said initial flow rates began for the first two vertical test Marcellus Shale wells completed. These wells had peak flow rates of 400 thousand cubic feet and 1,200 Mcf per day, respectively. Each well continues to stabilize at daily production rates of 300 to 500 Mcf per day, the company said. A third vertical test well has been drilled at this location and will be completed by mid-December, the company added.

In Clearfield County, Pa. the company said it recently completed its first vertical test well, to be completed in late December. In Butler County, Pa., the company, along with its partner, drilled two additional vertical wells, which are expected to be completed in the first quarter of 2009 following the installation of the company’s gas processing facility.

Shares of Rex Energy Corp. gained 36 cents, or 8.7 percent, to $4.57 in after-hours trading after falling 60 cents, or 12 percent, to $4.21 in the regular session. The 52-week share price range is between $3.13 and $29.92.

This News Posted in : Drilling | Gas and Oil | Mining Companies