Rex Energy Corporation (REXX) Announces Capital Budget For 2010
Rex Energy Corp. approved a capital expenditure budget of $100 million for 2010. The company will spend $81.5 million of these funds on its Marcellus Shale properties in Appalachia, and the balance on its enhanced oil recovery project in the Illinois basin. Rex Energy also reported its proved reserves for oil and gas as of the end of 2009. The company has 125.3 billion cubic feet equivalent of proved reserves, consisting of 11.5 million barrels of crude oil and natural gas liquids, and 56.2 billion cubic feet of natural gas. This is an increase of 90% from 2008 year end…