Range Resources increases unproved resource potential to 64-85 Tcfe

Range Resources Corporation has announced that its estimated unrisked unproved resource potential as of December 31, 2013, increased to 64 - 85 Tcfe, up from 48 - 68 Tcfe at year-end 2012 and 60 - 83 Tcfe at mid-year 2013.

The year-end 2013 unproved resource potential includes 42 - 55 Tcf of natural gas and 3.7 - 4.9 billion barrels of NGLs and crude oil. Of the total year-end 2013 unproved resource potential, approximately 62% is attributable to the Marcellus shale where Range has 955,000 net acres across the play with the remaining 38% attributable to other formations in Appalachia, the Midcontinent and West Texas.

Range previously announced that its year-end 2013 proved reserves were 8.2 Tcfe. Based on the unproved resource potential, Range has the opportunity to grow its proved reserves 8 to 10 times. As a result of its development activity, Range has moved 6.4 Tcfe of unproved resource potential to proved reserves over the last four years. The estimated unproved resource potential assumes normal ethane extraction. No unproved resource potential estimates were assigned to the company's Utica/Point Pleasant acreage or tighter spacing in the dry Marcellus. The company plans to drill a Utica/Point Pleasant well in Washington County, Pennsylvania, during 2014.

Jeff Ventura, Range's president and CEO, said, "We have assembled an exceptional portfolio of high-return, low-cost projects. Importantly, we have also assembled a high-quality technical team that has a solid track record of converting our unproved resource potential into production and proved reserves at low cost. Over the past four years, Range has developed 6.4 Tcfe of proved reserves from our unproved resource potential. Using the lower portion of the range, this means that almost 10% of our unproved resource potential has been moved into our proved reserves. As a result over the past four years, our proved reserves have grown at a 27% compound annual growth rate with an average drill bit only finding cost of $0.65 per mcfe."

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