Updated Decline Curve Information –Based on its production results to date, Range has updated its decline curves for the play. The updated production results reaffirm Range’s estimated 600 Mboe estimated ultimate recovery (“EUR”) per well for its 2012 program wells with greater than 3,500 foot laterals. Range has posted updated zero-time plots of actual production to date on its website which support the decline curves and reserve estimates. To provide more detailed information, Range has included decline curves for each product component – oil, NGLs and natural gas. Given the characteristics of a depletion drive reservoir, initial oil production rates are expected to approach 50% of production but are expected to decline faster over time than the associated natural gas and NGL production. Therefore, the decline curves are anticipated to be different for each product component which is consistent with historical results. For its acreage position, Range projects that the EUR per well will approximate one-third oil, one-third NGLs, and one-third natural gas.
Range Accelerates Drilling Program In Horizontal Mississippian Play
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