Saturday, October 30, 2010

Range Resources Corp. (RRC) : Cana/Woodford Shale Update

By Andrea:

The first two completions of the 2010 drilling program in the Ardmore Basin horizontal Woodford play at depths of 7,000 feet have yielded outstanding results. One well completed for an average production rate of 801 barrels of oil and NGLs per day and 2.3 Mmcf per day or 1,176 (362 net) Boe per day. The average rate for the second completion was 1,064 barrels of oil and NGLs per day and 2.7 Mmcf per day or 1,514 (702 net) Boe per day. One operated rig is currently active in the play, along with one non-operated rig. During the quarter, the 5,000-foot deep horizontal Mississippian Lime play in northern Oklahoma recorded another strong completion with average daily production rates of 260 barrels of oil and NGLs and 900 mcf or 410 (318 net) Boe per day. Two additional wells in the play are currently drilling. In addition, Range controls approximately 80,000 (42,000 net) legacy acres that are all held by production in the emerging Cana Shale play in the Anadarko Basin. While still early, it appears that a material portion of our acreage is in the core of the play. Given that all of Range's acreage is held by production, our strategy is to take a "wait and see approach," before determining how to best exploit our acreage position.

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