Tuesday, January 24, 2012

Range Resources' proved reserves increase to 5.1 Tcfe

Range Resources has announced today that its proved reserves as of December 31, 2011 increased to a record high of 5.1 Tcfe.  This represents a 14% increase over 2010.  Adjusting for the sale of its Barnett Shale properties in April 2011, the increase would have been 43%.  From drilling, Range replaced 850% of production in 2011.



Source: Range Resources


Year-end 2011 proved reserves by volume were 79% natural gas, 17% natural gas liquids and 4% crude oil.  The percentage of crude oil volumes increased 1%, while the percentage of natural gas volumes declined 1%.  The percentage of reserves in the proved undeveloped category was 52% at year-end 2011, as compared to 51% year-end 2010 and 52% adjusting for the Barnett sale.  


At year-end 2011, Range recorded, on average, a modest 1.7 offset Marcellus drilling locations to its proved undeveloped reserves for each of its proved developed wells in the play.  As of year-end 2011, 10% of Range's Marcellus acreage was classified as proved reserves and approximately 50% was held by production.  As additional Marcellus wells are drilled in 2012 and beyond, it is expected that more of Range's acreage will move into the proved category.


To learn more about Range Resources please visit our new search tool:
http://docsearch.derrickpetroleum.com/search/q/Range/date/month/document/4/page/0/

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