FORT WORTH, Texas--(BUSINESS WIRE)--RANGE RESOURCES CORPORATION (NYSE: RRC) today announced that its production from the Marcellus Shale has reached 400 Mmcfe per day net. Range exited 2010 with its Marcellus production at approximately 200 Mmcfe per day net. For 2011, Range set a Marcellus exit target of 400 Mmcfe per day. In addition to achieving its Marcellus production target, Range has accomplished a number of objectives which will facilitate its continued ramp up of Marcellus Shale production in 2012 and beyond. The accomplishments include increasing firm transportation capacity and firm sales arrangements to 650 Mmcf per day, increasing natural gas processing capacity in the southwestern portion of the play to 435 Mmcf per day, and executing the first ethane extraction and sales contracts. While it will continue to expand infrastructure to meet its long-term needs, Range has already secured all significant infrastructure necessary to meet its estimated 2012 Marcellus production.
Commenting on the announcement, John Pinkerton, Range’s Chairman and CEO, said, “Achieving our Marcellus Shale production target is an outstanding accomplishment for our operating teams. Importantly, given the excellent progress we have made with regard to infrastructure build-out, we are very well positioned as we look to 2012. In particular, due to the superior economics of the liquids rich portion of play, we are very pleased with the infrastructure progress made this year and our ability to capture the associated high returns for our shareholders. With aggregate industry-wide production now exceeding 4 Bcf per day, the Marcellus Shale play is clearly a tremendous benefit to not only Range and our shareholders, but a tremendous resource for our country, providing a low-cost, domestic source of clean-burning natural gas for millions of customers and providing thousands of high-quality jobs.”
RANGE RESOURCES CORPORATION (NYSE: RRC) is an independent natural gas company operating in the Appalachia and Southwest regions of the United States.
Except for historical information, statements made in this release, including those relating to anticipated production, targeted objectives, superior economics and future infrastructure progress are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management's assumptions and Range's future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements, including, but not limited to, the volatility of oil and gas prices, the results of our hedging transactions, the costs and results of drilling and operations, the timing of production, mechanical and other inherent risks associated with oil and gas production, weather, the availability of drilling equipment, changes in interest rates, litigation, uncertainties about reserve estimates, environmental risks and regulatory changes. Range undertakes no obligation to publicly update or revise any forward-looking statements. Further information on risks and uncertainties is available in Range's filings with the Securities and Exchange Commission ("SEC"), which are incorporated by reference.