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Range Accelerates Drilling Program In Horizontal Mississippian Play

Two new 1,000+ boe per day wells announced –

Range brought on production two additional wells with initial 24-hour production rates to sales in excess of 1,000 boe per day since the third quarter conference call – the Dakota #9-5S and the Troche #1-4N. The table below provides information on the four wells completed as part of the 2012 drilling program with peak 24-hour production rates to sales of more than 1,000 barrels of oil equivalent per day.

    Peak 24-hour rate to sales    

Well Name

Working

Interest

Liquids%

 

Oil(bblpd)

 

NGL(bblpd)

 

Gas(mcfpd)

 

Totalboepd

Laterallength

Fracstages

Balder #1-30N 86% 82% 782 339 1,448 1,363 3,911 19
Nancy Ann #1-1S 75% 87% 834 230 980 1,227 3,985 20
Dakota #9-5S 100% 79% 528 311 1,328 1,060 4,296 20
Troche #1-4N 75% 85% 680 224 961 1,064 3,946 20
 

The Balder and Dakota wells are approximately eleven miles apart, being on the eastern and western sides of the Nemaha Ridge with the Nancy Ann and Troche wells in between. Range believes these wells significantly de-risk this area along the Nemaha Ridge. With its greater liquids content, we estimate that with 80-acre spacing using 4,000 foot laterals, Range would expect to recover approximately 10% of the original oil in place. Currently, Range is generally drilling only one well per 640 acre section in order to hold leases and install infrastructure.

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