Resource America, Inc.
1521 Locust St. - 5th Floor
Philadelphia, PA 19102
(215) 546-5388 (facsimile)
Resource America, Inc. Completes 107 New Wells
Philadelphia, PA, March 15, 2022 - Resource America Inc. (NASDAQ:REXI) (the "Company") announced today the completion of its Fall 2000 Drilling Partnership Program. Its subsidiary Atlas America, Inc. ("Atlas") completed 107 new wells in the Appalachian Basin. Eighty-seven wells have already been placed into production. Initial production from these wells has resulted in average daily deliveries exceeding those of any prior Atlas Partnership Program. Atlas is currently completing its winter 2000 drilling program which involves completion of an additional 86 wells in Mercer and Fayette Counties, Pennsylvania and Noble County, Ohio.
Frank Carolas, Executive Vice President and Head of Geology of Atlas, commented, "both Fayette and Mercer Counties provide Atlas with an abundance of opportunities to drill shallow wells into the Upper Devonian Sands and the Clinton/Medina Formations, at depths of 4,500 to 6,500 feet. Our Fayette County play has proven to be even more successful than anticipated. In addition to the traditional reservoirs in the area, we have found isolated pools of high porosity sands scattered throughout the field. Wells that encounter these sands are producing at rates of 200 to 700 mcf per day delivered into the pipeline. Atlas has drilled 23 wells in this field and expects to add additional wells in subsequent programs. Atlas currently has in excess of 14,000 undeveloped acres in Fayette County."
Jeff Simmons, Executive Vice President of Atlas, also commented, "we are experiencing considerable growth in our production and, through our recent Kingston Acquisition, we have substantially increased our inventory of drilling sites. We are fortunate to be drilling wells into such a positive pricing environment for natural gas."
Resource America, Inc. operates businesses in energy and real estate finance.
Statements made in this release include forward-looking statements, which involve substantial risks and uncertainties. The Company's actual results, performance or achievements could differ materially from those expressed or implied in this release as a result of certain factors, including competition within the energy industry, climactic conditions and the price of gas in the Appalachian area, actual versus projected drilling activity and the volumetric production from the wells, and the cost of supplies and services in the energy industry.