Range Resources Corp. announced Wednesday that its net production from the Marcellus Shale has averaged 212 Mmcfe per day for the first two weeks in December, exceeding the Company's 2010 Marcellus Shale production exit rate target of 200 to 210 Mmcfe per day net.
As a result, during 2010, Range has more than doubled its Marcellus Shale production from 100 Mmcfe per day net at the beginning of the year to the current rate of 212 Mmcfe per day net. In addition, production from the Company's northeastern Pennsylvania Marcellus Shale acreage is expected to begin in late January, as the first phase of the northeast pipeline and compression facilities are expected to be completed. Looking ahead to 2011, Range's Marcellus Shale production is expected to increase from both the southwest and northeast areas of Pennsylvania throughout the year as additional wells are completed and brought online.
Commenting on the announcement, John Pinkerton, Range's Chairman and CEO, said, "Doubling our Marcellus Shale production and hitting our exit rate target is a testament to the quality of our operating team who has done a terrific job. However, we don't have a lot of time to celebrate, as we are focused on another "double" next year to an exit rate of 400 to 420 Mmcfe per day. With our talented Marcellus Shale operating team that now includes 290 people, combined with our large acreage position and substantial infrastructure capacity, we are extremely well positioned to drive up production from the Marcellus Shale for many years to come. Importantly, the Marcellus Shale is a low-cost, high-return play that not only benefits Range's shareholders, but provides a low-cost, domestic source of clean-burning natural gas for millions of customers as well as providing hundreds of thousands of high-quality jobs."
Range Resources Corp. is an independent oil and gas company operating in the Southwestern and Appalachian regions of the United States.
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