Barnett Shale

Range Resources Continues Barnett Shale Development In Second Quarter Of 2010

Range Resources (RRC) reported earnings for the second quarter of 2010, and updated investors on its activities in the Barnett Shale. The company completed four wells in the Barnett Shale during the second quarter of 2010.

Tarrant County – Two wells with a combined gross production rate of 10 million cubic feet equivalent per day.

Johnson County - Two wells with a combined gross production rate of 6 million cubic feet equivalent per day.

Range Resources Reports Completion Of Five Barnett Shale Wells

Range Resources (RRC) reported earnings for the first quarter of 2010, and provided an update on its operations in the Barnett Shale in Texas. The company reduced its rig count in the Barnett Shale to 1-2 rigs currently operating compared to as many as 8 last year at this time. Range Resources completed 5 wells in the Barnett Shale during the quarter.

Range Resources reported the completion of a well in Hood County that produced at an initial production rate of 4.6 million gross cubic feet equivalent per day.

Range Resources reported the completion of a well in Parker County that produced at an initial production rate of 6.0 million gross cubic feet equivalent per day.

Range Resources reported the completion of 3 wells on the Tarrant and Dallas County border that produced at combined initial production rate of 12.0 million gross cubic feet equivalent per day.

Range Resources Comments On Barnett Shale

Range Resources Corp. (RRC) made the following comments on the Barnett Shale during its third quarter earnings conference call held on October 22, 2009.

Rig Count

“We’ve decreased our rig count from about six rigs at the beginning of the year to one currently, we’ve driven production up from 110 million at the beginning of the year to about 130 million per day today.”

Rate of Return

“The rates of return on our Barnett wells are still very good. Even at $5 gas, they’re still 32%.” Acreage “We have many locations to drill in the Barnett, but fortunately, we don’t have any significant drilling commitments. The bulk of our acreage in the quarter, where our remaining locations exist, is largely held by production.”

Source: Seeking Alpha

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