Wednesday, October 14, 2009

Lycoming County PA - Marcellus Shale: Range Resources

October 14, 2009 - Range Resources Corp. (RRC) has come out with an operational update on the Marcellus Shale today and it appears the company is starting to drill in Lycoming County, PA.

Range Resources Corp. (RRC) Operational Update - 10/14/09

During the third quarter, the Marcellus Shale division continued to make excellent progress. Recently, we added two key members to our Marcellus team. Joe Frantz has been added as Vice President of Engineering and Scott Roy has been added as Vice President of Government and Regulatory Affairs. Both are leaders in their fields and bring substantial experience. The Marcellus Division is continuing to delineate and de-risk its large land position. We now have a rig in northeast Pennsylvania in Lycoming County drilling the first of two horizontal wells, which offset our high-rate vertical wells. We expect initial results from these two wells by early next year. We also plan to drill a Utica Shale horizontal and a shallow upper Devonian horizontal before year-end. Results of these two wells should be available by early first quarter.

Marcellus Shale production is well on plan and now exceeds 80 Mmcfe per day net and is expected to approach the higher end of the previously revised target of 90 - 100 Mmcfe per day net by year-end 2009. From inception, Range has drilled 77 horizontal Marcellus Shale wells, of which 60 have been completed and 54 are on production. The Company expects to drill and case approximately 20 additional horizontal wells in the Marcellus Shale play during the fourth quarter 2009 and carryover approximately 20 of these for completion in 2010. The Marcellus division is currently running a total of four horizontal rigs. We anticipate entering 2010 with six custom-built horizontal rigs. Full Press Release

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