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Range Reports Outstanding 2012 Results

Stocks in this article: RRC

During the fourth quarter, the division brought online 30 horizontal wells in southwest Pennsylvania, 26 of which were located in the liquids-rich area of the play. The initial production rates of the new wells averaged 6.5 (5.1 net) Mmcfe per day consisting of 3.9 (3.0 net) Mmcf per day of natural gas and 432 (355 net) barrels of NGLs and condensate per day. Twenty-two of the wells brought online in the fourth quarter were in the super-rich area of the play, eight of which utilized reduced cluster spacing completions. In January, the division completed a three-well pad in the super-rich area at the combined 24-hour rate of 6,123 (5,220 net) boe per day that was 68% liquids (1,209 barrels condensate, 2,956 barrels NGLs and 11.7 Mmcf gas). In February, the division completed two wells on another super-rich area pad at the combined 24-hour rate of 6,866 (5,685 net) boe per day that was 59% liquids (793 barrels condensate, 3,260 barrels NGLs and 16.9 Mmcf gas).

In the southwest Marcellus, the Company drilled and cased 25 wells in the fourth quarter and the Company turned to sales 30 wells. As a result, the Company’s backlog of uncompleted wells and wells waiting on pipeline connection declined to 58. The division is currently utilizing six rigs and plans to maintain similar activity levels throughout 2013.

Northern Marcellus Shale Division -

In the northeast Marcellus, Range drilled and cased eight wells in the fourth quarter. A significant well was drilled in Lycoming County that produced at a 24-hour rate of 14.2 (12.2 net) Mmcf per day from a lateral of 2,475 feet and nine frac stages. In total, 11 wells were turned to sales in the fourth quarter. As a result, the Company’s backlog of uncompleted wells and wells waiting on pipeline connection declined to 28 wells at year-end. We are currently running two rigs in northeast Pennsylvania and anticipate running one or two rigs for 2013 to maintain continuous drilling commitments under the leases.

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