Range Resources recently released their second quarter 2010 results and quarterly conference call and the call seemed to have a general theme in the Marcellus… increases. To start off, they increased their 2010 Marcellus capital budget $210 million to seize opportunities in the play. Of the $210 million, approximately $65 million will be use to increase their drilling activity by 18 additional wells and increasing 2010 completions by 15. These additional completions facilitated an increase in their 2010 target exit rate from the previous 180-200 Mmcfe per day to 200-210 Mmcfe per day.
Range has also been increasing their potential producing zones reporting an encouraging first horizontal well in the Upper Devonian Shale horizontal which lays above most of their Marcellus acreage. The company has also drilled and completed a Utica well which lays below the Marcellus. With this new information and more play experience Range has increased their estimated resource potential of their 900,000 Marcellus acres from 15-22 Tcfe to 20-27 Tcfe.
In addition to capital, drilling and completion activity, production targets, producing zones and overall play potential Ranges also increased their partnerships in a joint venture with Talisman in east Bradford County. The companies are combining roughly 14,000 net acres that Talisman will operate and Range will hold a 33% working interest.
To learn more visit the Range Resources Operator Unconventional Update folder in DI’s DNA.
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