Range reaches Marcellus production target

Source: Range Resources Corporation

Range Resources Corporation (NYSE: RRC) today announced that its production from the Marcellus Shale has reached 400 Mmcfe per day net. Range exited 2010 with its Marcellus production at approximately 200 Mmcfe per day net. For 2011, Range set a Marcellus exit target of 400 Mmcfe per day. In addition to achieving its Marcellus production target, Range has accomplished a number of objectives which will facilitate its continued ramp up of Marcellus Shale production in 2012 and beyond. The accomplishments include increasing firm transportation capacity and firm sales arrangements to 650 Mmcf per day, increasing natural gas processing capacity in the southwestern portion of the play to 435 Mmcf per day, and executing the first ethane extraction and sales contracts. While it will continue to expand infrastructure to meet its long-term needs, Range has already secured all significant infrastructure necessary to meet its estimated 2012 Marcellus production.

Commenting on the announcement, John Pinkerton, Range’s Chairman and CEO, said, “Achieving our Marcellus Shale production target is an outstanding accomplishment for our operating teams. Importantly, given the excellent progress we have made with regard to infrastructure build-out, we are very well positioned as we look to 2012. In particular, due to the superior economics of the liquids rich portion of play, we are very pleased with the infrastructure progress made this year and our ability to capture the associated high returns for our shareholders. With aggregate industry-wide production now exceeding 4 Bcf per day, the Marcellus Shale play is clearly a tremendous benefit to not only Range and our shareholders, but a tremendous resource for our country, providing a low-cost, domestic source of clean-burning natural gas for millions of customers and providing thousands of high-quality jobs.”


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