Range Resources Corp (RRC)

[Timothy Smith]

Operational momentum continues across Range's core areas as reduced cluster spacing and improved lateral targeting within the formation generated improved Marcellus well productivity.

In the Mississippian, the average initial production rate from the seven wells turned to sales during 3Q of 662boe/d (75% liquids) and was RRC's highest average for any quarter to date, which came as a result of larger fracs during the completion process.

Despite the use of larger fracs, Range was able to drill and complete these Mississippian wells for US$3.2m, which is in-line with previous wells completed utilizing smaller fracs.

After 65 days of production, the four wells completed using larger fracs produced at rates that were 45% above the company's 600mboe type curve.