Range Reaches Production Milestones

Range Reaches Production Milestones 
FORT WORTH, TX -- (Marketwired) -- 12/17/13 --   RANGE RESOURCES
CORPORATION (NYSE: RRC) today announced several recent operational
accomplishments, including its net production exceeding 1 Bcfe per
day for the first time in Company history.  
Highlights: 


 
--  Corporate net production reached 1 Bcfe per day
--  Marcellus gross production reached 1 Bcfe per day
--  Year to date, Marcellus super-rich wells continue to significantly
    outperform the type curve
--  Mariner West ethane pipeline fully operational
--  ATEX ethane pipeline commenced operations
--  Wells utilizing a larger frac design in the Mississippian Chat
    continue to show encouraging results
--  Wolfcamp well in the Permian Basin is currently flowing at a rate of
    1,096 boe per day (61% oil and 80% total liquids)
--  Cline well in the Permian Basin had a 24-hour peak rate of 989 boe per
    day (60% oil and 85% total liquids)

  
Commenting on the announcement, Jeff Ventura, Range's President and
CEO, said, "Reaching 1 Bcfe per day on a net basis corporately and on
a gross basis just from the Marcellus are both very significant
accomplishments. The success of our drilling program is keeping us on
track to achieve the high-end of our production growth target of 20%
to 25% for 2013 and we expect to continue our outstanding growth in
proved reserves for the year as well. It is exciting to see much of
the infrastructure that we envisioned years ago, now coming on line
that will allow our continued growth. Our sizable acreage position in
the Marcellus Shale coupled with the Upper Devonian and Utica/Point
Pleasant Shales in southwest Pennsylvania, gives us confidence that
we can continue to deliver growth of 20% to 25% for many years. We
believe this strong growth, coupled with high returns, low cost and
low reinvestment risk will allow Range to drive substantial value per
share for our shareholders for years to come." 
Operational Accomplishments 
Production Milestones 
Range's corporate daily production has reached 1 Bcfe per day net.
This is a significant milestone for Range, as the Company was
producing approximately 200 Mmcfe per day when we drilled the
Marcellus discovery in 2004, representing a 20% compounded annual
growth rate over this nine year time frame even
 with $2.3 billion of
asset sales during this time. Marcellus gross production has
increased from approximately 35 Mmcfe per day at the end of 2008,
just before the cryogenic gas processing plant went online at
Houston, Pennsylvania, to 1 Bcfe per day gross, a 96% compounded
annual growth rate for the past 5 years. 
Super-rich Marcellus Wells 
The 17 super-rich wells that were drilled in 2012 and turned to sales
during the early part of 2013 are consistently producing
approximately 40% above the 1.32 Mmboe type curve established at year
end 2012 for wells with approximately 3,800 foot laterals with 18
frac stages. These 17 super-rich wells have been on line for over 250
days, with the longest being on line for 312 days. The production
curves are demonstrating that our enhanced completions are improving
the estimated ultimate recoveries of the wells rather than simply
being an acceleration of production. The 17 wells were drilled with
average lateral length of 3,532 feet with an average of 18 frac
stages. Range has turned to sales an additional 22 super-rich
Marcellus wells during mid-year 2013 which have produced on average
just over 114 days. Those 22 wells are performing approximately 74%
above the 1.32 Mmboe EUR type curve with average laterals of 4,120
feet and 21 frac stages. Initial 24-hour production rates on the 22
wells averaged 2,487 (2,059 net) boe per day with 65% liquids
assuming 80% ethane extraction (476 barrels per day of condensate,
1,149 barrels per day of NGLs and 5.2 Mmcf per day of gas). Slide 18
in the Company's current investor presentation has been updated
showing the performance of the 17 super-rich well group and the 22
well group compared to the 1.32 Mmboe EUR type curve for 3,800 foot
laterals. Wells completed in 2014 are expected to have an average of
4,500 foot laterals and 22 frac stages with projected EURs of 1.82
Mmboe.  
Ethane Projects 
The Mariner West project, which was built to take ethane to Sarnia,
Canada for various petrochemical facilities, has become fully
operational. Range supplied the initial ethane for the line fill of
the system during the commissioning stage of the project from the
MarkWest processing plant in Houston, Pennsylvania for the 400 mile
delivery into storage facilities just outside Sarnia, Canada. The
Houston processing plant was the only processing plant with
de-ethanization capabilities until the de-ethanization equipment was
recently installed in December at the MarkWest processing plant in
Majorsville, West Virginia. All of Range's high btu gas flows through
the two plants and the installation of de-ethanization equipment at
both the Houston and Majorsville processing plants will allow all of
the Company's residue gas to meet pipeline quality requirements
without the need to blend the residue with other dry gas. Range
expects to be flowing 15,000 (12,525 net) barrels of ethane per day
on January 1, 2014. 
The ATEX pipeline project, which transports ethane from the MarkWest
Houston, Pennsylvania plant to Mont Belvieu on the Gulf coast, began
operations this month. Range has secured the rights to transport
10,000 (8,350 net) barrels of ethane per day on ATEX, which is owned
and operated by an affiliate of Enterprise Products Partners L.P.,
for the next two years, increasing to 20,000 (16,700 net) barrels of
ethane per day for the remaining 13 years under the contract. 
Mississippian Chat 
As highlighted in the third quarter, Range has tested new completions
using larger frac stimulations on its Mississippian Chat acreage
along the Nemaha Ridge. In addition to the four wells mentioned in
the third quarter, an additional two wells utilizing the larger frac
design have been turned to sales over the past two months. Results
from these six wells continue to significantly exceed results seen
from wells drilled in the early part of 2013. The average 30-day
production rate for all six wells was 578 (443 net) boe per day with
74% liquids. Range has an average of a 93% working interest in the
wells. 
Permian Basin 
Range recently turned to sales a Cline well located on the Company's
Conger Permian leasehold. The well had an initial 24-hour production
rate of 989 (742 net) boe per day with 60% oil and 85% liquids from a
6,582 foot lateral with 27 frac stages. Range has also tested a 6,406
foot lateral with 26 frac stages in the Upper Wolfcamp at its Conger
properties that had an initial production rate of 1,096 (822 net) boe
per day with 61% oil and 80% liquids. 
RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading independent oil
and natural gas producer with operations focused in Appalachia and
the southwest region of the United States. The Company pursues an
organic growth strategy targeting high return, low-cost projects
within its large inventory of low risk, development drilling
opportunities. The Company is headquartered in Fort Worth, Texas.
More information about Range can be found at
http://www.rangeresources.com/ and http://www.myrangeresources.com/.  
All statements, except for statements of historical fact, made in
this release regarding activities, events or developments the Company
expects, believes or anticipates will or may occur in the future,
such as those regarding production growth, reserve growth, fut
ure
rates of return, low reinvestment risk, low costs, earnings and
per-share value, resolution of pipeline quality requirements,
projected EURs continued production out performance, expected lateral
length and frac stages are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. These statements are based on
assumptions and estimates that management believes are reasonable
based on currently available information; however, management's
assumptions and Range's future performance are subject to a wide
range of business risks and uncertainties and there is no assurance
that these goals and projections can or will be met. Any number of
factors could cause actual results to differ materially from those in
the forward-looking statements, including, but not limited to, the
volatility of oil and gas prices, the results of our hedging
transactions, the costs and results of actual drilling and
operations, the timing of production, mechanical and other inherent
risks associated with oil and gas production, weather, the
availability of drilling equipment, changes in interest rates,
litigation, uncertainties about reserve estimates, environmental
risks and regulatory changes. Range undertakes no obligation to
publicly update or revise any forward-looking statements. Further
information on risks and uncertainties is available in Range's
filings with the Securities and Exchange Commission ("SEC"), which
are incorporated by reference. 
The SEC permits oil and gas companies, in filings made with the SEC,
to disclose proved reserves, which are estimates that geological and
engineering data demonstrate with reasonable certainty to be
recoverable in future years from known reservoirs under existing
economic and operating conditions as well as the option to disclose
probable and possible reserves. Range has elected not to disclose the
Company's probable and possible reserves in its filings with the SEC.
Range uses certain broader terms such as "resource potential," or
"unproved resource potential" or "upside" or other descriptions of
volumes of resources potentially recoverable through additional
drilling or recovery techniques that may include probable and
possible reserves as defined by the SEC's guidelines. Range has not
attempted to distinguish probable and possible reserves from these
broader classifications. The SEC's rules prohibit us from including
in filings with the SEC these broader classifications of reserves.
These estimates are by their nature more speculative than estimates
of proved, probable and possible reserves and accordingly are subject
to substantially greater risk of being actually realized. Unproved
resource potential refers to Range's internal estimates of
hydrocarbon quantities that may be potentially discovered through
exploratory drilling or recovered with additional drilling or
recovery techniques and have not been reviewed by independent
engineers. Unproved resource potential and gas in place do not
constitute reserves within the meaning of the Society of Petroleum
Engineer's Petroleum Resource Management System and does not include
proved reserves. Area wide unproven resource potential has not been
fully risked by Range's management. "EUR," or estimated ultimate
recovery, refers to our management's estimates of hydrocarbon
quantities that may be recovered from a well completed as a producer
in the area. These quantities may not necessarily constitute or
represent reserves within the meaning of the Society of Petroleum
Engineer's Petroleum Resource Management System or the SEC's oil and
natural gas disclosure rules. Actual quantities that may be recovered
from Range's interests could differ substantially. Factors affecting
ultimate recovery include the scope of Range's drilling program,
which will be directly affected by the availability of capital,
drilling and production costs, commodity prices, availability of
drilling services and equipment, drilling results, lease expirations,
transportation constraints, regulatory approvals, field spacing
rules, recoveries of gas in place, length of horizontal laterals,
actual drilling results, including geological and mechanical factors
affecting recovery rates and other factors. Actual quantities that
may be recovered from Range's interests could differ substantially
from estimates disclosed. Estimates of resource potential may change
significantly as development of our resource plays provides
additional data. Investors are urged to consider closely the
disclosure in our most recent Annual Report on Form 10-K, available
from our website at www.rangeresources.com or by written request to
100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can
also obtain this Form 10-K by calling the SEC at 1-800-SEC-0330.  
Investor Contacts: 
Rodney Waller
Senior Vice President 
817-869-4258 
David Amend
Investor Relations Manager 
817-869-4266 
Laith Sando
Research Manager
817-869-4267 
Michael Freeman
Financial Analyst
817-869-4264 
or 
Media Contact: 
Matt Pitzarella
Director of Corporate Communications 
724-873-3224 
www.rangeresources.com 
 
 
Press spacebar to pause and continue. Press esc to stop.