Range Resources Corp (RRC)

[OilStockReport]

Most recent update. I am interested in their Texas developments mainly.

Range Resources provides operational update

Published Oct 29, 2010

Range Resources Limited provides the following operational update, covering recent activities in Georgia, the USA, Somalia and Trinidad.

Georgia Following the successful acquisition of 410km of seismic at the end of March 2010, the seismic processing and interpretation of the data has been completed by industry leaders Spectrum (processing) and the RPS Group (interpretation).

Texas - North Chapman Ranch Less than seven weeks after production casing was set in the well and the drilling rig released, the Russell Bevly was turned to sales at approximately 1,000 Mcf of natural gas and 90 bbl of oil per day with approximately 8,000 psi flowing tubing pressure on a 6/64" choke from just one of four identified pay zones. The first zone placed in production represents just 11 ft. of perforated Howell Hight formation within total net pay thickness of approximately 130 feet.

Texas - East Cotton Valley Building on its success at North Chapman Ranch, during the previous quarter, Range acquired a 13.56% interest in approximately 1,570 gross acres encompassing a recent oil discovery located in Red River County, Texas, for total leasehold acquisition costs of $US254,000.

Puntland Range's Joint Venture Partner and operator in Puntland, Africa Oil Corp ("Africa Oil" TSX: AOC) has recently announced in a presentation that the spudding of the first well in Dharoor is now not likely until mid 2011. Whilst obviously disappointing to the Company, Africa Oil have met with the Puntland Government to secure an extension to the PSA (expected shortly) and are currently evaluating second tier drilling contractors with an aim to secure a more cost effective drilling for the first well. Updates on the awarding of the drilling contract and extension of the PSA's will be made when available.

Trinidad During the quarter the Company announced it had entered into a binding Heads of Agreement ("HOA") through SOCA Petroleum ("SOCA") to acquire its rights to a 10 percent interest in companies whose wholly owned subsidiaries hold production licences for three blocks in producing onshore oilfields in Trinidad (see Figure 1) and a major local drilling company.