"Tighter spacing positive test results with 500 feet between laterals in Marcellus adds 12 to 15 Tcfe of unproved resource potential attributable to the super-rich and wet areas in the southwest."
RRC's 3P reserves are now close to 80 Trillion Cubic Feet.
They are drilling high rate wells in the liquids rich part of their Marcellus Shale acreage, getting fantastic results.
Range Resources (RRC)
Range Resources (RRC)
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Range Resources (RRC)
Range announced the results of its three-year tighter spacing tests with 500 feet between laterals as compared to the historical 1,000 foot spacing between laterals currently used. These tests covered two different pads drilled in the super-rich and wet areas where both 1,000 foot spaced wells and 500 foot spaced wells were drilled on each pad in opposite directions or utilizing existing offsetting 1,000 foot spaced wells. After three years of production history, the production results indicate that wells drilled with 500 feet between horizontal laterals average approximately 80% of the estimated ultimate recoveries of horizontal wells drilled with 1,000 foot spacing between wells. The Company has released the comparative zero time plot production curves for the test wells in the Company’s updated presentation. The Company has increased its estimated unproved resource potential by an incremental 12 to 15 Tcfe in the wet and super-rich areas in the Marcellus as a result of the tighter spacing of 500 foot laterals. This additional resource potential brings Range’s total future unproved resource potential estimate to 60 to 83 Tcfe excluding any unproved resource potential for its Utica Shale acreage or tighter spacing in the dry gas areas in the Marcellus which Range also believes are prospective for 500 foot spacing.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Range Resources (RRC)
Read this carefully if you own Osage Exploration & Development (OEDV). OEDV is in our Small-Cap Growth Portfolio. They are drilling wells in Logan County, OK along the Nemaha Ridge. - Dan
From RRC July 24 Press Release:
During the second quarter, the Midcontinent division continued to focus on Range’s horizontal Mississippian acreage along the Nemaha Ridge. The division tested smaller volume stimulation designs during late 2012 through part of the second quarter. Results were below expectations, so the division moved back to a larger volume. A total of 11 (10.1 net) wells were turned to sales during the quarter with average lateral lengths of 3,776 feet with 20 frac stages. The division has brought online 28 wells so far this year and the 30-day average IP rate per well is 346 (270 net) boe per day with 76% liquids.
Notably, the division recently completed three wells with larger stimulation. One well was turned to production with a 24-hour initial production rate of 1,306 (788 net) boe per day that was 66% liquids (230 barrels oil, 629 barrels NGLs and 2,682 mcf gas) from a lateral of 4,288 feet with 20 frac stages. The second well was turned to sales with an initial 24-hour peak rate of 957 (788 net) boe per day that was 55% liquids (268 barrels oil, 258 barrels NGLs and 2,585 mcf gas) from a lateral of 3,615 feet with 20 stages. In the last few days, the third well’s 24-hour initial production rate was 1,116 (826 net) boe per day with 80% liquids (625 barrels oil, 287 barrels NGLs and 1,225 mcf gas) from a lateral of 4,265 feet with 23 frac stages. Results from the wells with the larger stimulations indicate that EURs are expected to be in the range of 485 – 600 Mboe per well. Range anticipates bringing online an additional 10 to 12 net Horizontal Mississippian wells by year-end using the larger stimulation design.
Range completed one operated St. Louis well during the quarter with a 24-hour initial production rate to sales of 8.3 (5.8 net) Mmcfe per day with 30% liquids. Earlier in the year, two additional operated wells with lower working interest were turned to sales with 24-hour initial production rates of 11.2 (1.9 net) Mmcfe per day and 5.3 (0.9 net) Mmcfe per day. In addition, Range expects to drill two to four more wells in that area by the end of 2013.
From RRC July 24 Press Release:
During the second quarter, the Midcontinent division continued to focus on Range’s horizontal Mississippian acreage along the Nemaha Ridge. The division tested smaller volume stimulation designs during late 2012 through part of the second quarter. Results were below expectations, so the division moved back to a larger volume. A total of 11 (10.1 net) wells were turned to sales during the quarter with average lateral lengths of 3,776 feet with 20 frac stages. The division has brought online 28 wells so far this year and the 30-day average IP rate per well is 346 (270 net) boe per day with 76% liquids.
Notably, the division recently completed three wells with larger stimulation. One well was turned to production with a 24-hour initial production rate of 1,306 (788 net) boe per day that was 66% liquids (230 barrels oil, 629 barrels NGLs and 2,682 mcf gas) from a lateral of 4,288 feet with 20 frac stages. The second well was turned to sales with an initial 24-hour peak rate of 957 (788 net) boe per day that was 55% liquids (268 barrels oil, 258 barrels NGLs and 2,585 mcf gas) from a lateral of 3,615 feet with 20 stages. In the last few days, the third well’s 24-hour initial production rate was 1,116 (826 net) boe per day with 80% liquids (625 barrels oil, 287 barrels NGLs and 1,225 mcf gas) from a lateral of 4,265 feet with 23 frac stages. Results from the wells with the larger stimulations indicate that EURs are expected to be in the range of 485 – 600 Mboe per well. Range anticipates bringing online an additional 10 to 12 net Horizontal Mississippian wells by year-end using the larger stimulation design.
Range completed one operated St. Louis well during the quarter with a 24-hour initial production rate to sales of 8.3 (5.8 net) Mmcfe per day with 30% liquids. Earlier in the year, two additional operated wells with lower working interest were turned to sales with 24-hour initial production rates of 11.2 (1.9 net) Mmcfe per day and 5.3 (0.9 net) Mmcfe per day. In addition, Range expects to drill two to four more wells in that area by the end of 2013.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Range Resources (RRC)
UPGRADE: Range Resources (RRC) upgraded by Oppenheimer from Perform to Outperform. PT = $100
07/29 06:17 AM
07/29 06:17 AM
Re: Range Resources (RRC)
Just what RRC holds in the Marcellus Shale may be worth $100/share.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Range Resources (RRC) re OEDV
OEDV has been dropping steadily - why?
Re: Range Resources (RRC)
OEDV: No news from this small-cap in over a month. They should report several well completions in the 2nd quarter. Can't explain why the stock price has dropped, but shareholders in these small-caps do get nervous when there are big gaps in the news.
Slawson is a first class operator, so I'm hanging tough.
Slawson is a first class operator, so I'm hanging tough.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group