In 2006, the Company expects to drill 1,096 gross (802 net) wells and to undertake 63 gross (44 net) recompletions. Approximately 46% of the budget is attributable to each of the Appalachian region and the Southwest region, which includes the Permian Basin, the Midcontinent and East Texas. The remaining 8% is attributable to the Gulf Coast region.
Commenting, John H. Pinkerton, Range's President, said, "2005 has proved extremely rewarding for Range and its shareholders. While year-end engineering is not yet complete, the 2005 drilling program is clearly successful. The increase in the 2006 capital budget reflects our large, multi-year drilling inventory including opportunities generated from the success we have had so far this year. We have invested in a larger organization over the past several years to prudently manage the expanding capital programs being generated from our Company's larger asset base and growing drilling inventory. We expect the 2006 drilling program will generate exceptional rates of return, further increasing our reserves and production. For 2006, we are targeting another year of double digit production growth."
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