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Rex Energy Corp
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Q1 2015 Conference Call
| Tom Stabley | Page 3 of 11 |
November 21, 2024
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"Q1 2015 Conference Call"
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Butler Operated Area Joint Venture 1 Assumes NYMEX Strip pricing as of March 2, 2015, with gas differential of $0.80 per MMBtu. 2 Assumes one PUD booked per producing lateral in Moraine East Area. Key Business Terms Description Total Wells 32 Total Consideration $67 million; $16.6 million received at closing 16 Butler Legacy Wells ArcLight = 35% WI 16 Moraine East Wells ArcLight = 35% WI ArcLight Reversion WI ½ of the original WI Highlights of JV Structure ?Reduces 2015 capital expenditures by $60 million, or 30%, while retaining >25% 2015 production growth ? Strong acreage valuation ? Rex retains 100% of all future locations ? Acreage can be held with less capital ? Geologic risk shared with partner ? Lower cost of capital than equity ? Accretive to future F&D ?Residual value of reversionary interest at PV-10 strip pricing is ~$500K / well 1 Moraine East PUD Offset 2 Total Reserves Added 8.8 Bcfe 11.9 Bcfe 20.7 Bcfe Capital Cost $3.7 MM N/A $3.7 MM F&D = ~$0.18/mcfe