Range Resources Update - Sunny in SW PA

Range Resources provided an update this morning on their Marcellus shale activities. During the second quarter they increased their acreage position by over 20% (250,000 acres) and completed an additional five horizontal wells. They also raised the EUR for the horizontals to 3-4 bcf. The last 10 horizontals came in at an average of 4.2 mcf/d.

Of Range's 850,000 acres deemed high-grade, roughly 60% is located in the SW and 40% in the NE. The SW has the largest concentration of historically developed Appalachian oil and gas fields and existing pipeline infrastructure that is better developed than in the NE. As a result, Range anticipates that the ramp up of Marcellus production will begin primarily in the SW and then move to the NE.

Full Story at http://www.rangeresources.com/PressReleases.asp