Rex Energy Corporation provided its third quarter 2011 operational and financial results as well as fourth quarter 2011 and full year 2011 guidance.

Production Update

Rex Energy exceeded the high end of its third quarter production guidance of 42.0 MMcfe/d by approximately 4%, with an average daily production rate of 43.8 MMcfe/d. This is an increase of 24% over the second quarter of 2011 and an increase of 115% over the average daily production rate of the third quarter of 2010. Oil and natural gas liquids accounted for 36% of the total net production for the quarter.

After the effects of cash settled derivatives, realized natural gas prices were $5.07 per Mcf, realized oil prices were $86.05 per Bbl and realized natural gas liquids prices were $54.69 per Bbl, which was approximately 61% of the NYMEX quoted average price of oil for the quarter.

Utica Shale Test Well Results

Rex Energy completed its initial horizontal Utica Shale test well, the Cheeseman #1H. The well had a lateral length of 3,551 feet and was completed with 12 stages of fracture stimulation. The well is located in Muddy Creek Township, Butler County, Pennsylvania and had a stabilized 24-hour test rate of 9.2 MMcf/d of dry natural gas. The well is currently shut in and current plans are to have the well placed into sales once the gathering line is completed, which is scheduled for January 2012. The company is encouraged by these results and plans to drill and complete additional Utica Shale wells in Butler County during its 2012 drilling program. Rex will discuss its Pennsylvania Utica Shale development plans and expected well costs in December when the 2012 capital budget is released.

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