Range announced the following updates with regards to its two Texas interests at East Cotton Valley and North Chapman Ranch.
East Texas Cotton Valley Prospect
The Company would like to announce that it has commenced drilling operations at its East Texas Cotton Valley prospect, with the arrival of the Key #66 rig to site during the week.
The Ross 3H well will be the Company's first horizontal well and first in the shallow oil prospect, which covers approximately 1,570 acres and encompasses a recent oil discovery.
The well has a projected total depth of 8,200ft (2,500m), including a 2,500ft (762m) horizontal section through the Cotton Valley oil reservoir. If successful, the Ross 3H well would provide an immediate increase to the Company's oil reserves, production and cash flow, with the impact to reserves to be reported at a later date.
If successful, the Ross 3H well will trigger a multi-well program which is anticipated to move Possible Reserves into the Probable and Proved categories.
North Chapman Ranch - Russel Bevly Well Fracture Stimulation
The Company would also like to announce that the lower two pay zones in its Russel Bevly #1 well have been successfully fracture stimulated The frac team has moved to another site and will return to Russel Bevly within the next three weeks to complete fracture stimulation of the upper two zones.
This has allowed the Company to test and clean the lower zones, with the well currently flowing in line with expectations, based on successful frac jobs that have been performed in the region. The Company will look to announce the achieved flow rates from the lower two zones once production has been stabilized.
Range's Executive Director Peter Landau commented, "The recent activities and anticipated results in the Company's Texas interests will further strengthen the Company's reserves, production and cashflows at the same time as the Company embarks on its exciting exploration program in both Georgia and Puntland."
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