Rex Energy's board of directors has approved a 2010 capital budget of $100.1 million, of which approximately 81% will be directed to the Appalachian Basin and 19% to the Illinois Basin.
Benjamin W. Hulburt, Rex Energy's President and CEO, commented, "Our 2010 capital budget reflects our continued confidence in the potential of our Marcellus Shale acreage due to the successful horizontal wells we have drilled in each of our three major projects areas. In 2010, we plan to accelerate our Marcellus Shale drilling activities significantly, as well as commence operations on our first alkali-surfactant-polymer unit in the Illinois Basin. We anticipate that our planned activities encompassed by this capital budget can result in 2010 production growth of 50-80% above 2009 levels and increase our year over year exit Mcfe per day rate by 80-140%."
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