RRC stays on track

[dan_s]

This is in-line with my forecast model for RRC. If natural gas prices hold over $4.00, my valuation will push over $100/share. RRC gets paid a premium for their high btu Marcellus gas. Results in Oklahoma and the Permian Basin are very encouraging and should add two more areas of significant production and reserve growth. This is a "smart way" to add more exposure to natural gas. - Dan

FORT WORTH, TX--(Marketwired - Dec 17, 2013) - RANGE RESOURCES CORPORATION (NYSE: RRC) today announced several recent operational accomplishments, including its net production exceeding 1 Bcfe per day for the first time in Company history.

Highlights:
•Corporate net production reached 1 Bcfe per day
•Marcellus gross production reached 1 Bcfe per day
•Year to date, Marcellus super-rich wells continue to significantly outperform the type curve
•Mariner West ethane pipeline fully operational
•ATEX ethane pipeline commenced operations
•Wells utilizing a larger frac design in the Mississippian Chat continue to show encouraging results
•Wolfcamp well in the Permian Basin is currently flowing at a rate of 1,096 boe per day (61% oil and 80% total liquids)
•Cline well in the Permian Basin had a 24-hour peak rate of 989 boe per day (60% oil and 85% total liquids)

Commenting on the announcement, Jeff Ventura, Range's President and CEO, said, "Reaching 1 Bcfe per day on a net basis corporately and on a gross basis just from the Marcellus are both very significant accomplishments. The success of our drilling program is keeping us on track to achieve the high-end of our production growth target of 20% to 25% for 2013 and we expect to continue our outstanding growth in proved reserves for the year as well. It is exciting to see much of the infrastructure that we envisioned years ago, now coming on line that will allow our continued growth. Our sizable acreage position in the Marcellus Shale coupled with the Upper Devonian and Utica/Point Pleasant Shales in southwest Pennsylvania, gives us confidence that we can continue to deliver growth of 20% to 25% for many years. We believe this strong growth, coupled with high returns, low cost and low reinvestment risk will allow Range to drive substantial value per share for our shareholders for years to come."