Forward Looking Statements
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1 December 8 10, 2009
2 Forward Looking Statements This document contains forward-looking statements. All statements other than statements of historical facts included in this document, including but not limited to, statements regarding our future financial position, business strategy, budgets, projected costs, savings and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as may, will, expect, intend, estimate, anticipate, believe or continue or the negative thereof or variations thereon or similar terminology. These forward-looking statements are subject to numerous assumptions, risks and uncertainties. Factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by us in those statements include, among others, (i) the deteriorating economic conditions in the United States and globally, (ii) the difficult and adverse conditions in the domestic and global capital and credit markets, (iii) domestic and global demand for oil and natural gas, (iv) sustained declines in the prices we receive for our oil and natural gas adversely affecting our operating results and cash flow, (v) the effects of government regulation, permitting and other legal requirements, (vi) the quality of our properties with regard to, among other things, the existence of reserves in economic quantities, (vii) uncertainties about the estimates of our oil and natural gas reserves, (viii) our ability to increase our production and oil and natural gas income through exploration and development, (ix) our ability to successfully apply horizontal drilling techniques and tertiary recovery methods, (x) the number of well locations to be drilled, the cost to drill and the time frame within they will be drilled, (xi) drilling and operating risks, (xii) the availability of equipment, such as drilling rigs and transportation pipelines, (xiii) changes in our drilling plans and related budgets and (xiv) the adequacy of our capital resources and liquidity including, but not limited to, access to additional borrowing capacity. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by the forward-looking statements. You are cautioned not to place undue reliance on such statements, which speak only as of the date of this document. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. w w w.rexenergy.com 2
3 Rex Energy Overview NASDAQ: REXX Recent Stock Price (11/30/2009) $ 9.05 Shares Outstanding million Market Capitalization $ million Net Debt Outstanding (1) $ 10.3 million Enterprise Value $ million Production (2) Proved Reserves (3) R/P 2,684 BOE per day (72% oil) 11.0 MMBOE (53% oil) 11.2 years 1. $15 million in senior secured debt and $4.7 million in cash on hand as of 3 rd Quarter As of 3 rd Quarter As of December 31, Does not include Southwestern Region. w w w.rexenergy.com 3
4 Near Term Strategy Lawrence Field ASP Flood Project Marcellus Shale De-risk Marcellus Shale project areas through horizontal drilling Minimize capital expenditures through carried interest in two operating areas Significantly grow gas production Aggressively lease additional acreage in operating areas ~81,200 gross (49,350 net) (1) Marcellus Shale Fairway acres Illinois Basin Tertiary Recovery Complete technical analysis and design of operational flood unit in Lawrence Field and commence injection in first unit during the first half of 2010 Test conformance gel use in conjunction with water-flooding to improve sweep efficiency Drill conventional oil wells to maintain & grow production levels 1. Assumes Williams fulfills its obligations under the participation and exploration agreement. w w w.rexenergy.com 4
5 Mmcfe MBbls Production 2008 o High Oil Prices Focused on growing oil production Oil Production o Began vertical well testing in the Marcellus Shale st Half 2009 o Low Oil Prices - Ceased oil development activity to reduce expenses Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09 Q3 '09 o Began Marcellus horizontal drilling 2 nd Half 2009 o Oil Prices Rebounding - Restarted oil development activity o Marcellus horizontal drilling begins to grow significantly Gas Production +62% from Q % from Q Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09 Q3 '09 w w w.rexenergy.com 5
6 Liquidity (in millions) 1 st Quarter 2 nd Quarter 3 rd Quarter Revolving Credit Facility 2 nd to 3 rd Quarter Change % Change Borrowing Base Availability $ 80.0 $ 80.0 $ 80.0 $ 0.0 0% Amount Drawn $ 5.0 $ 15.0 $ 15.0 $ 0.0 0% Remaining Available $ 75.0 $ 65.0 $ 65.0 $ 0.0 0% Shareholders equity $ $ $ $ 1.4 1% Debt to Book Cap Ratio 2.2% 6.7% 6.8% 0.1% 0.1% Additional Capital Availability Cash and Cash Equivalents $ 4.0 $ 2.4 $ 4.7 $ % Remaining on Williams Carry n/a $ 31.0 $ 26.9 $ % w w w.rexenergy.com 6
7 Hedging as of November 6, 2009 Please note, all of the estimated hedged production is based on third quarter exit rate of 2,705 BOE per day including estimated average yearly declines. Year Crude Oil Volume at Volume Change Current Volume % of Current Avg. Production (1) Average Floor Average Ceiling Oct Dec MBbls (153 MBbls) 147 MBbls 85% $63.98 $ MBbls 588 MBbls 88% $62.71 $ MBbls 72 MBbls 228 MBbls 36% $63.42 $ MBbls 72 MBbls 12% $60.00 $ Natural Gas Oct Dec MMcf (330 MMcf) 330 Mmcf 79% $6.73 $ Bcf 720 MMcf 2.04 Bcf 135% $6.38 $ Bcf 480 MMcf 1.56 Bcf 115% $6.62 $ MMcf 240 MMcf 600 MMcf 49% $5.60 $ Based on September exit rate of 2,705 BOE/day w w w.rexenergy.com 7
8 Leverage to the Marcellus Shale With 49,350 (1) net Fairway acres, Rex Energy has a leading proportion of Marcellus Shale acres in relation to its size compared to most peers (2) in the play. Rex Energy s net acreage offers one of the top Marcellus Shale exposures per $1 of enterprise value Net Marcellus Acres per $1 MM Enterprise Value Assumes Williams fulfills its obligations under the participation and exploration agreement 2. Marcellus Peers include: ATLS, CHK, CXG, COG, CRZO, EOG, EQT, NFG, RRC, SGY, SWN, XCO, XTO w w w.rexenergy.com 8
9 Marcellus Shale Operating Areas Marcellus Wells Area Gross Acres Net Acres Rex Wells to Date Depth (ft) Thickness (ft) TOC Liquids 1. Butler 23,500 22,400 4 vertical/ 1 horizontal 5, % Yes 2. Westmoreland 17,250 9,400 (1) 3 vertical / 3 horizontal 8, % No 3. Central 27,450 13,400 (1) 1 vertical / 1 horizontal 8, % No 4. Fayette 13,000 4,150 7, % No 1. Assumes Williams fulfills its obligations under the participation and exploration agreement. w w w.rexenergy.com 9
10 Conceptual Marcellus Economics Marcellus economics remain strong at relatively low gas prices Close proximity to large U.S. markets results in premium price to Henry Hub and superior to other shale plays BTAX IRR Assumptions (1) Low Case Mid Case High Case Well Cost $4.5MM $4.0MM $3.5MM 30 Day Average IP 2.5 MMcfe/d 3.0 Mmcfe/d 3.5 Mmcfe/d EUR 2.6 Bcfe 3.2 Bcfe 3.8 Bcfe TYPE CURVES Op Costs $0.50 / Mcf Severance Tax 0% Premium $0.35/Mcf Royalties 15% 1. Assumptions based on full development program. Initial wells expected to cost more and may not deliver comparable results. w w w.rexenergy.com 10
11 Bcfe Projected Marcellus Growth Low Case Mid Case Net Acres 49,350 (2) Assumed % Drilled 65% High Case 3,000 2,500 2,590 (1) Well Spacing Net Potential Wells ,000 EUR (Bcfe) Net Revenue Interest (8/8ths) 85% 1,500 Factors which can create additional upside: Better than expected type curve performance 1, (1) 1,091 (1) Additional downspacing 500 Higher land utilization Ongoing leasing in all current operating areas 0 66 Current Reserves Low Case Mid Case High Case 1. Does not represent proven reserves. 2. Assumes Williams fulfills its obligations under the participation and exploration agreement w w w.rexenergy.com 11
12 Mmcfe/d Operations: Butler County Marcellus Wells to Date o 4 Verticals o 1 Horizontal P. Knauff #1H Processing Plant Infrastructure Development o Wet Gas (~1,250 BTU): Treatment required DTI Pipeline Current plant 5 Mmcfd capacity Plan to expand to 40 Mmcfd cryogenic plant in 2010 o Tap in place with initial capacity of up to 25 Mmcfd Leasing Marcellus Wells o ~22,400 net acres Added 8,357 net acres YTD Year-end goal of additional 5K- 10K net acres P. Knauff #1H Production Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 w w w.rexenergy.com 12
13 Joint Venture with Williams Rex Energy entered into a joint venture with Williams Appalachia, a wholly owned subsidiary of the Williams Companies, to jointly develop certain areas of Rex Energy s Marcellus Shale properties. Williams can acquire a 50% interest in approximately 44,000 gross (44,000 net) acres in Westmoreland, Clearfield and Centre County, Pennsylvania subject to its fulfillment of its carry obligations Williams will bear 90% of all drilling and completion costs in the project areas until it has invested approximately $74 million o $33 million on behalf of Rex Energy o $41 million for Williams 50% share of the wells o Williams must fund the carry prior to December 31, 2011 or make a cash payment to Rex Energy for remaining balance o Williams may terminate the agreement after drilling minimum of 10 horizontal wells by paying 40% of the remaining carry balance in cash Pipeline, gathering & geophysical expenses to be paid 50/50 Each party can participate for 50% in future lease acquisitions within the area of mutual interest boundaries Rex Energy will operate though 2009 and Williams will operate thereafter w w w.rexenergy.com 13
14 Operations: Westmoreland County Marcellus Wells to Date o 3 Verticals o 6 Horizontals 3 Completed & In-line: third well averaged 4.2 Mmcfd over a 30 day period Fourth Quarter Plan o Complete and put into line 3 additional wells o Drill 1 additional well Texas Eastern Pipeline Equitrans Pipeline Infrastructure Development o Dry Gas: treatment plant not required o 2 taps in place on Dominion Peoples line with up to 18 Mmcfd capacity o Installing tap on Equitrans line and constructing pipeline o Install tap on Texas Eastern (2010) Marcellus Wells Dominion Peoples Pipeline w w w.rexenergy.com 14
15 Operations: Central PA Marcellus Wells to Date o 1 Vertical o 1 Horizontal Alder Run #1H: Drilling Columbia Pipeline Fourth Quarter Activity o Complete Alder Run #1H o Drill 1 additional well Infrastructure Development o Dry Gas: treatment plant not required o Columbia 1711 line ~1 mile from acreage Installing tap on Columbia 1711 line early 1 st quarter 2010 with up to 50 Mmcfd initial capacity Alder Run #3H (to be drilled 4 th QTR) Alder Run #1H (Drilling) w w w.rexenergy.com 15
16 Expiring Net Acres Lease Expiration Schedule 25,000 20,000 20,019 15,000 10,000 7,568 5, ,981 1, w w w.rexenergy.com 16
17 Operations: Illinois Basin Conventional Drilling o Average Well Depth: 1,500 feet o Average Well Cost: $250,000 o Average IP Rate: Bbls/day o Average Net Reserves per Well: 12,000 Bbls o Average F&D Costs: $15.00/Bbl o Year to date drilling activity 19 drilled 9 wells completed and in-line to date 8 wells awaiting completion o 2010 drilling plan conventional wells Tertiary Recovery Projects o Bridgeport ASP Unit (Middagh Unit) Core testing and simulation results expected 4 th quarter 2009 Plan to commence injection June 2010 o Conformance gel test Commencing 4 th quarter 2009 Middagh ASP Unit w w w.rexenergy.com 17
18 Lawrence Field ASP Project Background: o Lawrence Field is believed to have original oil in place (OOIP) of approximately 1 billion barrels. o The field has produced over 400 MMBbls to date, predominately from the Bridgeport and Cypress Sandstones o 2 successful Surfactant-Polymer pilot tests in the field to date (Marathon in the 1970s and 1980s) demonstrated incremental recoveries after waterflooding of 15-20% of OOIP could be achieved through chemical flooding o 26 core-flood tests with ASP chemicals demonstrated incremental recoveries, after waterflooding, of 15-24% of OOIP o ASP Injection plant construction completed in 2008 o 2 pilot 3.6 acre tests (Bridgeport and Cypress Sandstones) completed in 2008/09 o 3-demensional geological model completed using over 5,000 well logs from the field Potential: (Netherland, Sewell & Associates ASP Evaluation, March 2009) o Identified 18 target continuous sandbodies and broken these down into 27 separate flood units (15 Bridgeport/12 Cypress) o Maximum Reserves in Identified Floodable Sands: 39.4 MMBbls (1) (northern and central portion of field, south portion under evaluation) Assumes 12.7% pore volume oil recovery Estimated F&D Costs: ~$25 - $30/Bbl 1. Assumes 12.7% PV recovery from ASP flooding. Does not represent proven reserves. w w w.rexenergy.com 18
19 Initial ASP Unit The company is in the process of designing the first operational ASP unit in the Bridgeport Sandstone to commence chemical injection during the first half of 2010 Initial Flood Area: (2010) 32 acres Entire Flood Area: 138 acre Unit Characteristics: o Flood Area: 139 acres o Net Feet of Pay: 19 o Pore Volume: 4,011,530 Bbls o Assumed Recovery: 12.7% PV o Present Oil Sat: 38% o Expected Final Oil Sat: 26% o Present OIP: 1,524,381 Bbls o Expected Recovery: 481,836 Bbls o 2010 Capital Investment: $2.5 million o Operating Expenses: $4,000/month o Peak Production: 270 Bbls per day o Time to Initial Response: months from commencement Base Case Anticipated Economics Oil Price IRR Payout (Mos) $50 28% 21 $60 63% 18 $75 118% 16 w w w.rexenergy.com 19
20 Preliminary Thoughts on program is likely to be designed around the following assumptions: gross (15-18 net) horizontal Marcellus wells o 1 company operated rig in Butler County, PA throughout the year (10-12 horizontal wells) o 1 Williams operated rig in joint venture areas throughout the year (10-12 wells) Carry should cover 8-10 of the 2010 wells (depending on cost) Rex carried for 90% of the cost to drill and complete wells (own 50%) Gas plant expansion in Butler County, PA to 40 Mmcfd o Expect to have operational by 4 th quarter Continued leasing in select areas shallow conventional oil wells Commencement of first Bridgeport ASP Unit w w w.rexenergy.com 20
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