Source: Range Resources
Range Resources continues the development of its North Chapman Ranch Field in Texas, US, with independent certification by Independent Petroleum Engineers, Lonquist & Co LLC confirming the field contains significant oil and gas reserves.
Lonquist completed an independent reserves and valuation report on the North Chapman Ranch field, and the reserves report estimates total gross commercially recoverable reserves (1P, 2P and 3P) of 215 Bcf of natural gas, 15.9 mmbbl of oil, and 15.5 mmbbl of natural gas liquids.
Range holds a 25% interest in the North Chapman Ranch project's first well - Smith #1 - and 20% in all subsequent wells assuming the exercise of certain clawback provisions by joint venture partners based on the current success of the Smith #1 well. The project area encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the State of Texas. Drilling of the first well resulted in a commercial discovery with first production and sales occurring in February 2010.
Range, through its technical consultants Texas Energy Advisors LLC, engaged Lonquist to compile geological, geophysical and engineering data and provide an Independent Reserves Report and Valuation for the project.
The planned multi-well program is anticipated to move Possible (P3) Reserves into the Probable (P2) and Proved (P1) Reserve categories. The second well on the North Chapman Ranch Project, the Russell-Bevly Unit #1 is expected to spud in the coming days.