Range Resources Reports Further Success at North Chapman Ranch

Range Resources reported Friday further success in the appraisal and development of the North Chapman Ranch Field onshore Texas (Range 20-25 percent interest), with the successful drilling of the Smith #2 and Albrecht #1 wells.

Initial gross flow rates from the uppermost pay zone, which is one of four principal pay zones, in the Smith #2 well reached more than 3 million cubic feet per day and 125 barrels of oil per day, with more than 7,500 pounds per square inch flowing casing pressure on a 10/64-inch choke. Work is being conducted now to remove all of the plugs below the upper pay zone and combine the remaining lower pay zones to achieve maximum rate and recovery, Range said.
The Smith #2 well was drilled approximately 1,350 feet southeast of the Smith #1 discovery well, further extending the Company's Proved Reserves in that direction.
The Smith #2 was followed immediately by the Albrecht #1, drilled more than 1,500 feet southeast of the Smith #2. The Albrecht #1 confirmed the presence of the Howell Hight reservoir in that area and is also expected to add significant Proved Reserves to the Company's portfolio.
With four wells now drilled in the field, Range estimates that over 80 percent of the structural closure at the Howell Hight reservoir falls into the proved and probable (2P) category. Work is currently underway to revise the reserve estimates at North Chapman Ranch, and is expected to be finalized once The Albrecht #1 well comes online. The Albrecht well is scheduled for completion and fracture stimulation within the next four to six weeks.
Once the Smith #2 and Albrecht #1 wells are both online, Range estimates that its net production and cash flow from the project will increase by more than 200 percent over current levels.

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