Forward Looking Statements & Forward Looking Statements & Hydrocarbon Volume Estimates Hydrocarbon Volume Estimates 2 Forward Looking Statements Except for historical information, statements made in this document, including those relating to significant potential, future earnings, cash flow, capital expenditures, production growth and planned number of wells, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and the company's future performance are subject to a wide range of business risks and uncertainties, and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, uncertainties regarding the economic conditions in the United States and globally; domestic and global demand for oil and natural gas; volatility in the prices the company receives for its oil and natural gas; the effects of government regulation, permitting and other legal requirements; the quality of the company’s properties with regard to, among other things, the existence of reserves in economic quantities; uncertainties about the estimates of the company’s oil and natural gas reserves; the company’s ability to increase its production and oil and natural gas income through exploration and development; the company’s ability to successfully apply horizontal drilling techniques and tertiary recovery methods; the number of well locations to be drilled, the cost to drill and the time frame within which they will be drilled; drilling and operating risks; the availability of equipment, such as drilling rigs and transportation pipelines; changes in the company’s drilling plans and related budgets; the adequacy of the company’s capital resources and liquidity including, but not limited to, access to additional borrowing capacity; uncertainties associated with the company’s legal proceedings and their outcome; and other factors discussed under “Risk Factors” in Item 1A of Rex Energy’s Annual Report on Form 10-K for the year ended December 31, 2009 filed with the U.S. Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements. Further information on risks and uncertainties is available in the company's filings with the Securities and Exchange Commission, which are incorporated by reference. The company's internal estimates of reserves may be subject to revision and may be different from estimates by the company's external reservoir engineers at year end. Although the company believes the expectations and forecasts reflected in these and other forward-looking statements are reasonable, it can give no assurance they will prove to have been correct. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Hydrocarbon Volume Estimates This presentation includes management’s estimates of Marcellus Shale potential recoverable resources, per well EUR (estimated ultimate recovery of resources) and upside potential of recoverable resources. Except as noted, these have been estimated internally by the Company without review by independent engineers and do not necessarily constitute reserves. These estimates are included to demonstrate the potential for future drilling by the Company. Actual recovery of these potential volumes is inherently more speculative than recovery of estimated proved reserves. Estimates of potential recoverable resources, per well EURs and upside potential for Company oil and gas shale acreage are particularly speculative due to the limited experience in Marcellus Shale horizontal development, with its limited production history. Ultimate recoveries will be dependent upon numerous factors including actual encountered geological conditions, the impact of future oil and gas pricing and exploration costs, and our future drilling decisions and budgets based upon our future evaluation of risk, returns and the availability of capital and, in many areas, the outcome of negotiation of drilling arrangements with holders of adjacent or fractional interest leases. In addition, potential recoverable resources are based on undesignated future well locations under assumed acreage spacing which may not have been specifically included in any definitive development plan and ultimately may not be drilled. Accordingly, such estimates may differ significantly from the hydrocarbon quantities that are ultimately recovered. SEC rules prohibit a publicly-reporting oil and gas company from including oil and gas resource estimates in their filings with the SEC, except proved, probable and possible reserves that meet the SEC’s definitions of such terms. Illinois Basin estimates (including Lawrence Field) of oil in place and other resource volumes, oil in place and other reserve volumes indicated herein are not based on SEC definitions and guidelines. Unless otherwise indicated, estimates of non-proved reserves and other hydrocarbons included herein may not meet specific definitions of reserves or resource categories within the meaning of the SPE/SPEE/WPC Petroleum Resource Management System. | 
