Range Resources Corp. (RRC) : Huron Shale Update

By Andrea: http://oilshalegas.com


Recently, Range Resources Corp. (RRC) released an update on the Huron Shale, located in the Nora field in Virginia:

During the third quarter 2010, Range's Appalachian Division drilled a total of 61 (29 net) wells, continuing its successful development of tight gas sand, coal bed methane and horizontal drilling projects in the Nora field in Virginia. The division averaged five rigs running during the quarter and drilled 14 (7 net) vertical tight gas sand wells, 43 (20 net) coalbed methane wells and 4 (2 net) tight gas sand horizontal wells. On the recently acquired Nora extension property, the division has performed three well recompletions and implemented two pipeline and compression optimization projects that, in total, resulted in a 1,000 mcf per day (10%) increase in production. By year end, the Appalachian Division plans to drill five new tight gas sand wells and recomplete 12 existing wells on the extension properties.

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Washington County, PA - Marcellus Shale Update

By Andrea: http://oilshalegas.com

Recently, Range Resources Corp. (RRC) released an update on the Marcellus Shale, located in Washington County, PA:

Recently, Range completed a trade in which it acquired approximately 42,000 net acres in our core area of southwestern Pennsylvania. The new acreage has longer term and adds more than 500 horizontal drilling locations in Washington County, an area where infrastructure is already in place and Range has had significant drilling success. To facilitate the trade, Range transferred approximately 55,000 net acres, of which 47,000 acres are located in West Virginia and 8,000 acres are located in Bradford and Sullivan counties in northeastern Pennsylvania.

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Bradford County, PA - Marcellus Shale Update

By Andrea: http://oilshalegas.com

Range Resources Corp. (RRC) announced that they are combining 14,000 net acres in the Marcellus shale in Bradford County, PA with Talisman Energy Inc. (TLM) current acreage. The two companies will combine technical teams and drilling rigs in the joint acreage. Range Resources estimates that the joint venture will add $25 million to their 2010 capital spending. Talisman Energy is currently producing more than 190 million cubic feet a day from the Marcellus shale.

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Bradford County, PA - Marcellus Shale Update

By Andrea: http://oilshalegas.com

Range Resources Corp. (RRC) released an update on the Marcellus Shale in the 2Q 2010 Earnings Call. They are increasing their acreage in the Marcellus Shale in Bradford County, PA. They plan to add 210 million in the Marcellus to their capital budget for 2010:

One other way that we're fast forwarding our Marcellus program, is that we are combining about 14,000 net acres in Eastern Bradford County with Talisman's acreage there. Talisman will operate and we'll have about a 33% working interest in this industry joint venture. Talisman has done a good job of operating here and has a dominant acreage position in this area. Combining with them will allow us to more efficiently develop this part of the play, utilizing their technical team and their drilling rigs. We're estimating that this joint venture add $25 million to our 2010 capital spending.

In total, we'll be adding 210 million in the Marcellus to our capital budget for 2010, all of which is for faster, more efficient development of our Marcellus acreage position. 80% of the company's 2010 budget is now targeted for the Marcellus. I want to make it clear, that even at today's gas price, the returns on the additional capital are very attractive.

Given the increased capital, we are revising our 2010 Marcellus exit rate from 180 million to 200 million per day net to $200 to 210 million per day net. We'll also revise on our expected 2011 Marcellus exit rates from 360 million to 400 million per day net to 400 million to 420 million per day net. We have a first-class team of 220 people located in Pennsylvania focused on this project. In addition, we now have a focused, very experienced and talented Barnett team on this project as well. Given our team, our acreage and the infrastructure we have in place or in the works, we are well positioned to meet or exceed our plans for the Marcellus.

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Range Resources RRC - Marcellus Shale Update

By Andrea: http://oilshalegas.com

Range Resources (RRC) has issued an update on the Marcellus Shale in Lycoming County, PA:

Range's Marcellus Shale Division continues to exceed expectations. Current net production is approximately 160 Mmcfe per day, ahead of its mid-year target. Drilling rigs are becoming more efficient as are completions and production operations. These increased efficiencies and cost improvements are resulting in improved economics and rates of return. These efficiencies, coupled with being ahead of schedule on production volumes, are allowing us to add an additional $210 million of capital to the Marcellus project in 2010. The additional capital, in turn, will help us to accelerate the Company's net asset value of the Marcellus Shale play.

Pipeline, compression and plant processing infrastructure capacity in the Marcellus Shale is on schedule. In the southwest portion of the play, an additional 30 Mmcfe per day of capacity is scheduled to be complete in the fourth quarter of this year and an additional 150 Mmcfe per day is scheduled for first quarter 2011. This processing capacity coupled with additional dry gas taps will position Range well in 2011 and beyond for increased production in the southwest portion of the play. With regard to the northeast portion of the play, solid progress is being made on the first phase of the Lycoming County pipeline project which is scheduled to begin flowing gas on or before year end 2010. Firm take away capacity has been contracted for both the southwest and northeast areas to allow our Marcellus Shale production to flow on time and within our forecasts.

As we ramp up development in the Marcellus Shale, our technical team continues to make significant progress. Our production curves as updated and presented with zero time plots on our website illustrate continued improvements in well performance and demonstrate the progress that our technical team is making. Range previously announced an encouraging test of its first Upper Devonian Shale horizontal well. Given the Upper Devonian's prevalence across our acreage position, we are very encouraged regarding the increased unproved resource potential this well implies on our existing acreage in southwestern Pennsylvania. The Marcellus Shale team plans two additional Upper Devonian test wells in 2010. Range plans to spud another Utica Shale well early in the first quarter of 2011.

http://www.b2i.us/profiles/investor/ResLibraryView.asp?ResLibraryID=39554&GoTopage=1&Category=1640&BzID=790

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