About Range Resources Corporation
Range Resources Corporation is an independent natural gas company operating in the United States through subsidiaries in both the Southwestern and Appalachian regions of the country. A large portion of the Company’s drilling inventory consists of unconventional resource plays targeting shale and coal bed methane natural gas reservoirs.
At December 31, 2012, Range had 6.5 Tcfe of proved reserves, a 29% increase over the prior year. Proved reserves were 74% natural gas, 22% natural gas liquids and 4% crude oil. In addition, Range estimates 48 to 68 Tcfe in net unrisked resource potential from its unbooked drilling inventory and emerging plays.
Range pioneered the Marcellus Shale play in 2004 with the successful drilling of a vertical well, the Renz #1. The Marcellus now appears to be the second or third largest natural gas play ever discovered in the world A significant portion of Range’s acreage also offers the benefit of natural gas potential from the Upper Devonian and Utica shale formations that lie above and below the Marcellus. In 2013, Range is directing over 75% of its capital budget toward development drilling in the region.
Project Experience Includes:
In 2004, Range acquired interests in the Nora Field of western Virginia – one of the premier coal bed methane gas producing fields in the country.
In 2007, Range acquired additional interests in the Nora Field and partnered with EQT to jointly drill the field. In mid-2010, Range acquired a bolt-on property comprised of 115,000 acres in the Nora area that is prospective for coal bed methane, tight gas sand and shale development. Significantly, this acreage is in the middle of a large gas accumulation, but this portion has been sparsely drilled. The Division has grown production from 15 Mmcfd to more than 75 Mmcfd. Range estimates the total unrisked resource potential in the Nora area to be 2.6 – 3.2 Tcfe. In total, Range has approximately 6,000 locations remaining to be drilled in the Nora Field area, or an inventory of over 20 years at our current pace of drilling.