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.

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