RANGE RESOURCES CORPORATION (NYSE: RRC) announced today that its planned five-rig drilling program for 2013 in the Horizontal Mississippian play along the Nemaha Ridge in Oklahoma and Kansas is already underway.
- Range announces two new wells with 24-hour initial production rates to sales each greater than 1,000 boe per day averaging 82% liquids.
- Range has completed 18 horizontal wells in 2012 with four of these wells having initial 24-hour production rates to sales greater than 1,000 boe per day averaging 83% liquids.
- Updated production results continue to reaffirm the Company’s estimated 600 Mboe EUR for the greater than 3,500 foot lateral well design.
- 157,000 net acres have been accumulated in Range’s Nemaha Ridge core area where geological characteristics have historically produced superior results.
Commenting on the announcement, Jeff Ventura, Range’s President and CEO, said, “Range continues to be encouraged that our Horizontal Mississippian results are generating very attractive returns for our shareholders. Range believes its location along the Nemaha Ridge largely accounts for our positive results. Our technical team has done a great job targeting this core area of the play, which is essential for success. We believe our 2012 results with four wells having initial rates over 1,000 boe per day, spanning an eleven mile width of the Nemaha Ridge, confirm that we have identified a core area of the play. We are concentrated in those areas with the best historical oil results with over 4,500 vertical wells confirming our targeted area of development along the Nemaha Ridge. With more production history, our first eight horizontal wells from 2009 – 2011 are performing better than our original type curve for the 2,200 foot lateral wells. The production history on the first 18 wells in our 2012 program, with greater than 3,500 foot laterals, is resulting in a projected estimated ultimate recovery of 600 Mboe for this group of longer lateral wells.”
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