Range Resources Corp (RRC)

[ChitForBrains]

US slashes Marcellus Shale NG by 80% (or does it?) .... http://www.tulsaworld.com/business/article.aspx?subjectid=49&articleid=20110824_49_E1_Tegvrm161569

...The formation, which stretches from New York to Tennessee, contains about 84 trillion cubic feet of gas, the U.S. Geological Survey said Tuesday in its first update in nine years. That supersedes an Energy Department projection of 410 trillion cubic feet, said Philip Budzik, an operations research analyst with the Energy Information Administration....

The previous Geological Survey estimate in 2002 said the Marcellus Shale contained about 2 trillion cubic feet of gas. The 42-fold increase is the result of "new geologic information and engineering data," the agency said. The Marcellus formation may hold from 43 trillion to 144.1 trillion cubic feet, the agency said.

Advances in the technology used to recover shale gas led the Energy Department to more than double its estimate of recoverable shale resources, to 827 trillion cubic feet, in an April report. It projected that the nation has enough natural gas to heat homes and run power stations for 110 years....