Rex Sees 9% Increase in 2Q Production Guidance

- Rex Sees 9% Increase in 2Q Production Guidance

Monday, July 11, 2011
Rex Energy Corp.

Rex announced second quarter production results. The company also adjusted operating expense guidance for the full year.
Second Quarter 2011 Unaudited Production

Rex Energy exceeded its previously announced second quarter guidance by 9% with an average production rate of 35.2 MMcfe/d. This is an 87% increase over second quarter 2010 and a 28% increase over first quarter 2011. Oil and natural gas liquids accounted for 41% of the total equivalent net production for the quarter. Natural gas production increased 184% over second quarter 2010 and 48% over first quarter 2011. Natural gas accounted for 59% of total equivalent net production for the quarter.
Full Year Lease Operating and G&A Expense Guidance

Rex Energy is decreasing its previously given lease operating expense (LOE) guidance from $32.0 million -- $37.0 million down to $31.0 million - $34.0 million. The decrease in LOE guidance is the result of lower operating cost assumptions.

Rex Energy is increasing its 2011 general and administrative (G&A) guidance range from $20.0 million - $21.0 million to $24.0 million - $25.0 million. The increase in G&A primarily results from one-time legal fees and costs related to the previously announced settlement in Westmoreland County and costs associated with the departure of the company's former CEO.

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Rex Appoints Interim CEO

- Rex Appoints Interim CEO

Friday, June 03, 2011
Rex Energy Corp.

Rex announced that Lance Shaner, currently chairman of the board of Rex Energy, has been appointed interim president and chief executive officer to replace Dan Churay, who is leaving the company. The company's board has commenced a search for a new CEO with an energy industry operational background, including both external and internal candidates. Patrick McKinney, executive vice president and chief operating officer, and Tom Stabley, executive vice president and chief financial officer, will continue in their roles under their existing employment agreements supporting Mr. Shaner while the board conducts the search.

Mr. Shaner commented, "The board of directors and I would like to thank Dan for his years of service on the board as past chairman of the compensation committee and his many contributions to the company during his tenure as CEO, especially in the areas of strategy, governance, talent management and the disposition of litigation against the company. We are looking forward to finding a new CEO with exploration and production experience at the conclusion of our search."

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