Range announced that production on the Russell Bevly # 1 well has begun to stabilize following the successful fracture stimulation of the lower two zones. The production rates being achieved are consistent will the targeted rate of 4 MMcfd & 320bopd per well, based on current production of approximately 1.9 MMcfd & 160 bopd from the lower two zones. The upper two zones, which have a larger payzone, are still on track to receive fracture stimulation later this month.
Executive Director Pete Landau added, "Results to date from the Russell-Bevly frac job have provided encouragement for additional development drilling in the field, which will continue with the drilling of the third well in the coming months. Because North Chapman Ranch wells have a high condensate yield, Range and its partners are able to capture currently high oil prices while remaining positioned for the eventual rise in US natural gas prices."
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