Range reports success in Trinidad

Range today announced continued drilling success as it ramps up its reserves production drilling program on the Morne Diablo concession in onshore Trinidad.

Following the successful logging and completion of the QUN118ST well, initial production testing has seen the well producing at a rate of up to 102 bopd on a 5/32" choke under natural pressure from the shallow Forrest formation and has stabilized at approx. 84 bopd.

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Range Resources Seeks Farmin Partners for Two Georgia Blocks

Range Resources Limited is seeking farm-in partners for Blocks VIa and VIb, Republic of Georgia. Continue reading here..

Range Resources Q1 output up on Marcellus Shale drilling; Targeting Marcellus to be self-funding 2013 and capture full resource potential

Natural gas company, Range Resources Corp reports increase in its Q1 2011 production as the company focused on drilling the liquids-rich portion of the Marcellus Shale play in Pennsylvania and the Midcontinent regions. The company's production volumes up 17% to 545.5 mmcfepd, and they are on track to produce 400 mmcfe by the end of 2011. Range says by the end of 2012 they will be producing 600 mmcfe. Due to the outstanding performance of its existing wells combined with the initial performance of the newly connected wells, Range's Marcellus production has temporarily outgrown the existing infrastructure.

Range Expects the Marcellus Division to be a Value Driver for the Future
The Marcellus now appears to be the second or third largest natural gas play ever discovered in the world.  With the benefit of a large, liquids-rich window in southwestern Pennsylvania, the Marcellus offers the best economics of any large-scale, repeatable play in the US.  A significant portion of Range's acreage also offers the benefit of natural gas potential from the Upper Devonian and Utica shale formations that lie above and below the Marcellus.  In 2011, Range is directing 86% of its capital budget toward development drilling in the region.

Range has ~550,000 net acres in the SW part of the play. Over 800 wells have significantly de-risked 460,000 of Range’s acres. Assuming 80 acre spacing, and that 80% of this acreage will be drilled, this equates to 4,600 wells. The resource potential is for the Marcellus and does not include any potential from other shale zones. Utica and Upper Devonian shale wells have been completed and are currently waiting on pipeline connection.

Range is giving up 113 mcfe a day of natural gas production capacity with its 52,000 acre Barnett Shale sale. The $900 million Range gets for Barnett, coupled with cash flow and another $200-250 million in expected non-core asset sales this year, not only funds 2011 Marcellus development but also carries $400 million forward for 2012 development. Couple in 2011 and 2012’s development and production growth and Range expects 2013’s capex will be funded solely from its own cash flow.

Key Marcellus Deals in 2010 and 2011

Source: Derrick Petroleum E&P Transactions Database
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Range Resources 2011 April Company Presentation

25% increase in proved developed producing (PDP) reserves - Seven Years of Double-Digit Production Growth - Since 2007, production has increased 54%, while well count has decreased 43%
http://docsearch.derrickpetroleum.com/files/12141/Range%20Resources%202011%20April%20Company%20Presentation.pdf

Range Resources 2011 Simmons Conference Presentation

http://docsearch.derrickpetroleum.com/pageNav/view1/docId/11467-0000/Range-Resources-2011-Simmons-Conference-Presentation.html

Range Resources announced 2010 annual results; Production up 18% over last year; Plan to invest $1.38 billion, of which 86% directed to Marcellus

Range Resources reported production for 2010 totaled 181 Bcfe, comprised of 142 Bcf of natural gas (79%), 4.5 million barrels of NGLs (15%) and 2.0 million barrels of oil (6%). Production for 2009 totaled 159 Bcfe and was 82% natural gas, 8% NGLs and 10% crude oil. The company has increased its natural gas production by 9% but has increased its NGLs and crude oil production by 36% when compared year-over-year. Reserves increased 1,313 Bcfe or 42% compared to the prior year. The company replaced 931% of production in 2010.

Key points:

-- 2010 production up 12% and reserves/share ratio up 32% over 2009

-- Higher quality asset base – producing more with less wells

-- Plan to invest $1.38 billion in 2011, of which 86% is allocating to Marcellus