Barnett Shale: Range Resources RRC Update 10/30/08

Range Resources came out with earning last week and updated its investors on their Barnett Shale drilling operations:

In the Fort Worth Basin, third quarter activity was highlighted by drilling success in Hood County where a seven-well package averaged 11.4 days from spud to rig release and achieved average initial production of 2.0 Mmcfe per day per well. These wells were drilled and completed for $1.9 million per well. The effort has been extended onto a new 3,000 acre block immediately adjacent where Range plans to actively drill and complete additional wells. The first two wells on this new acreage block have been completed with initial rates averaging 2.6 Mmcf per day. In southwestern Tarrant County, the Company has spud a 250 foot spaced pilot and is participating in a 330 foot spaced development well in northwestern Ellis County.