Rex Energy has reported revenues of $15.1 million for the third quarter of 2007, a 50% increase compared to revenues of $10.1 million in the third quarter of 2006.
Production in the third quarter of 2007 totaled 258,027 barrels of oil equivalent, of which approximately 81% was attributable to oil. Production volumes increased 38% from the same period in 2006, and 7% over Q2 2007. Approximately 75% of the Q3 2007 production was from the company’s Illinois basin operations, 12% was from its Appalachian basin operations and 13% was from its Southwestern region operations.
Total operating expenses for Q3 2007 were $13.7 million, up from $8 million in Q3 2006. Production and lease operating expenses were $5.9 million in the third quarter of 2007, up from $4.2 million in the same period in 2006, but down from $6.3 million in the second quarter of 2007. General and administrative expenses were $1.8 million in the third quarter of 2007, up from $1 million in the third quarter of 2006.
Benjamin Hulburt, CEO of Rex Energy, said: The third quarter results reflect continued growth in our production and cash flow as a result of our operating team’s successful implementation of our business plan. The foundation for these results is our extensive exploration and developmental drilling inventory that includes more than 2,500 locations.