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Rex Energy Corp. (REXX) Grows Reserves By 90%

Rex Energy Corp. reported a net loss of $4.6 million, or $0.12 per share, for the quarter ending 12/31/09. The company lost $40 million, or $1.10 per share, in the same quarter in 2008.

REXX Energy reported proved reserves of 125.2 Bcfe at the end of 2009, up 90% from year-end 2008. These reserves were 45% natural gas, 49% oil, and 6% natural gas liquids.

REXX Energy said that total production for 2009 averaged 16.1 million cubic feet equivalent per day, a 3% increase over 2008.

Benjamin W. Hulburt, the CEO of Rex Energy Corporation, said, “It was a challenging year, but we were able to increase production and nearly double reserves while maintaining a conservative balance sheet through careful debt management and a structured hedging program. I am extremely pleased with the company’s strong finish in 2009 and believe that we are poised for tremendous growth throughout 2010.”

REXX Energy is an oil and gas exploration and production company with operations in two areas. The company has 68,700 net acres in the Appalachian Basin that is prospective for the Marcellus Shale. The company also has a tertiary oil recovery project in the Illinois Basin.

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