Matt, im not 100% sure how the joint venture works, but it was something like, 8 wells in the butler area, and 8 wells in the moraine east area to start with. Then there was an option for 16 more wells. My guess, it seams like they already did an extra 8 wells in the moraine east area this year, so i wonder if they already did the option for the extra wells. Rex don't talk about it in there presentations any more.
Ugh!!! I'm in the Rex Brownsdale West unit (well pad behind Gumto's greenhouse on Meridian Road in Penn Township, Butler County, PA) so I pay attention to what is going on with Rex. This is pretty bad news. Having downgraded Rex to Caa1, the only good news from the report was this: "The ratings are supported by the company's growing production and reserve base scale being better than most Caa1 peers. REXX will benefit from improved well performance in the Butler County area of the Marcellus Shale play and the improving midstream infrastructure in the region."
Rex IS getting much better results from their recent well completions.
I hope that they can hold on.
Now that you're getting Rex royalties, how does Markwest prices on products compare to XTO's prices from your other wells? Thanks, LewPa
I looks like REX still has interests in Butler Township! Krendale Golf Course leased thru 2018.
Good for the lease holder..........but the well pad of 11 wells will be less than a mile from 1400 residential properties, shopping malls, the VA Hospital, a medical center, and a main highly traveled State Road.
Sometimes I wonder about DEP's regulations...........