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 has been experimenting with longer laterals and more hydraulic fracturing stages on its Marcellus Shale southwestern acreage and achieved better results on wells. The company has changed its reserve and cost assumptions on its Marcellus Shale acreage here due to this successful innovation:
Estimated Ultimate Recovery (EUR) – from 4.4 Bcfe to 5.0 Bcfe
Well Cost – from $3.5 million to $4.0 million
Net Unproved Resource Potential – from 14 Tcfe to 19 Tcfe
This net unproved resource potential on its Marcellus Shale acreage is composed of 380 million barrels of liquids and 16.7 Tcf of gas.
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