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The Fort Worth-based oil and gas company RRC) said second-quarter production exceeded the company’s guidancer of 420-425 million cubic feet of naturalo gas equivalentper day, due to better than expecteds drilling results in the Barnett and Marcellus Shales plays. Range said its production averaged 434 Mmcferper day. The Barnett Shale is located across several countiesw inNorth Texas, including the Dallas-Fort Worth area. The Marcellus Shal e is located insouthwesternn Pennsylvania. For the quarter, Barnett production averaged 120 Mmcfd perday net. The divisiob recently tested seven wells in Denton Countyy for a combined rate of 17 Mmcfeper day.
The welld are expected to be online by the endof July. Rangd also completed two wells in northeastParker County, one of which recently came onlines at 7.6 Mmcfe per day and may be the best well to date in that the company said. Range also said in a presa statement that it has now postede 26 consecutive quarters of sequentialproductiom growth. It anticipates that it will achieve double-digig production growth again in 2009. The company said $110 million fundedd the drilling of 145 wells and six recompletions duringthe quarter.
It said it will recognizes exploration expense ofapproximately $11 including $6 million of seismic Given low natural gas prices, the companh is not going to renew certaihn of its noncore Barnett Shale leases, As a result, Rang will recognize a noncash expense of $22 million in the seconxd quarter, the company said. “Our seconsd quarter production and drilling resulteswere superb. Given the current low naturalk gasprice environment, Range is only spendinbg capital on drilling and leasehold projects where we are confidentf we are generating attractive rates of John Pinkerton, Range’s chairman and CEO, said in a prepared statement.
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