Range Resources announced the following updates with respect to the Company's Texan and Trinidadian operations.
Following on from the successful completion of QUN 115 and MD 247, the Company recently spudded a step out well - QUN 116 with Rig 1 and has successfully set surface casing to 100 ft. Drilling continues at approximately 725 ft with a target depth of 1,000 ft, targeting the Lower Forest oil sands.
Rig 2 recently passed final Ministry inspection on location and has spudded QUN 117, the fourth well in the Company's planned initial 21 well program. Another step out well, QUN 117 has a projected total depth of 2,000 ft and is targeting the Lower Forest oil sands as well as the prolific underlying Upper Cruse reservoirs.
Rig 8 is currently being serviced and is set to join the drilling program shortly following recertification. Once placed back into service, Rig 8 will be used to target deeper reservoirs, including the Middle and Lower Cruse oil sands with target depths averaging 6,500 ft. The Middle and Lower Cruse reservoirs have historically been the most prolific within the existing fields, but are under developed in certain areas. The Range drilling program is expected to add reserves and production from these sands within the existing fields, while extending the producing trend into new areas. Rig 8 is the third and last drilling rig to be introduced into the 2011 drilling program. The
North Chapman Ranch
The drilling rig has recently moved to the Smith #2 site, being an offset well to the Smith #1 discovery well. The Smith #2 well is regarded as a relatively low risk development well. Once completed, the rig is expected to move to the Albrecht #1 well site, a step-out well that is intended to extend the North Chapman Ranch field to the south east with the objective of adding significant reserves, production, and cash flow. Should the Smith #2 and Albrecht #1 prove successful, the partners will jointly consider a multi-well program for 2012 that could see as many as four additional wells drilled in the field.
The Company will look to provide regular updates as to the progress of the Smith #2 drilling operations.
East Texas Cotton Valley
The operator has resumed testing of the Ross 3H horizontal wells with additional perforations being added between 7,245 and 7,675 feet in the horizontal section. Swabbing operations have commenced looking to confirm oil saturation before the commencement of fraccing operations to the reservoir.
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