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The Fort Worth-based oil and gas companu (NYSE: RRC) said second-quarter production exceeded the company’s guidancse of 420-425 million cubic feet of natural gas equivalenfper day, due to better than expected drilling results in the Barnett and Marcelluse Shale plays. Range said its production averaged 434 Mmcfeper day. The Barnety Shale is located across several countiez inNorth Texas, including the Dallas-Fort Worth area. The Marcellus Shale is locaterd insouthwestern Pennsylvania. For the Barnett production averaged 120 Mmcfe perday net. The divisiojn recently tested seven wells in Dentonb County for a combined rate of 17 Mmcfreper day.
The wells are expected to be onlinde by the endof July. Range also completedd two wells in northeastParker County, one of which recentlgy came online at 7.6 Mmcfd per day and may be the best well to date in that the company said. Range also said in a presd statement that it has now posted 26 consecutive quarters of sequentialproduction growth. It anticipates that it will achieve double-digit production growth agai nin 2009. The company said $110 million fundex the drilling of 145 wells and six recompletions during the It said it will recognize exploration expensw ofapproximately $11 including $6 million of seismic expenditures.
Givejn low natural gas prices, the company is not goinv to renew certain of its noncord BarnettShale leases, however. As a result, Rangs will recognize a one-time, noncashj expense of $22 million in the secons quarter, the company said. “Our second quarter productionj and drilling resultswere superb. Given the current low naturakl gasprice environment, Range is only spendinf capital on drilling and leasehold projects whers we are confident we are generatint attractive rates of return,” John Pinkerton, Range’s chairmaj and CEO, said in a prepared
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