Range Resources (RRC) provided investors with an update on its operations in the Marcellus Shale, where the company has 1.3 million acres under lease. The company has 900,000 acres in the fairway of the play, with 600,000 in southwestern Pennsylvania and 300,000 in northeastern Pennsylvania.
Range Resources drilled its first horizontal wells on its acreage in the northeastern sector of the Marcellus Shale. The two wells produced 13.3 and 13.6 million cubic feet equivalent per day during a seven day test period.
The company estimates that its net unproved resource potential of its northeast Marcellus Shale acreage is in a range from 6 to 8 Tcfe.