Rex Energy Corporation Provides Operational and Leasing Update For Marcellus Shale Activities

STATE COLLEGE, Pa.--(BUSINESS WIRE)--Rex Energy Corporation (NASDAQ: REXX) announced today that on June 10, 2008, the company completed the fracture stimulation of its second Marcellus Shale vertical test well in western Pennsylvania. To date, the well has flowed back approximately 75% of its frac fluids and the company is encouraged by initial production tests.

The company also announced today that its Marcellus Shale leasing efforts are continuing to show positive results. As of June 16, 2008, the company’s Marcellus Shale prospective acreage has grown to approximately 88,000 gross (57,000 net) acres.

Commenting on the Marcellus Shale update, Benjamin W. Hulburt, Rex Energy Corporation’s President and Chief Executive Officer, said, “We are very pleased with the continued success of our Marcellus Shale program. The initial results for our second vertical Marcellus Shale test well are in line with our expectations and we remain very encouraged about our Marcellus Shale prospects.” Commenting further on the additional Marcellus Shale acreage, Mr. Hulburt stated, “With the addition of approximately 10,000 acres since May 2008, we are getting closer to reaching our previously announced goal of expanding our Marcellus Shale prospective acreage to between 60,000 and 80,000 net acres by the end of 2008.”

About Rex Energy Corporation

Rex Energy Corporation is an independent oil and gas company operating in the Illinois Basin, the Appalachian Basin and the Southwestern Region of the United States. The Company has pursued a balanced growth strategy of exploiting its sizable inventory of lower risk developmental drilling locations, pursuing its higher potential exploration drilling prospects and actively seeking to acquire complementary oil and natural gas properties.