Range announced that it has reached total depth in its Ross 3H exploratory well, the Company's first horizontal drilling venture. Located in Red River County, Texas, the well reached a total depth of 8,900 ft (2,715m), with a horizontal section of approximately 3,400 ft (1,040m).
Based upon open-hole logs, samples, and consistent oil shows during drilling operations from both the vertical pilot hole and horizontal leg, Range and its partners have successfully run and cemented in place a production liner to target depth, with completion operations having begun. Once fracking has been completed, Range will be able to accurately report on flow rates and update reserves.
Added Pete Landau, Range Executive Director, "The Ross 3H represents yet another milestone for the Company as we and our joint venture partners continue to apply the most cost-effective oil field technology available to our exploration and development programs. Consistent with our recently announced acquisitions in Trinidad, the East Texas Cotton Valley play represents a low-cost opportunity to build our portfolio of crude oil reserves in a period of strong commodity prices."
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