Range Resources announced that its Board of Directors has approved an increase in the 2008 capital expenditure budget by $200 million to $1.27 billion. The capital budget increase is primarily associated with expanding the Company's leasehold position in the Marcellus Shale play in Appalachia.
In addition, the Company increased its 2008 production growth target from 15% to 19%. Commenting on the announcement, John Pinkerton, Range's President and CEO said, "The increase in the capital expenditure budget reflects our success in the Marcellus Shale play. While we have built an enviable acreage position in excess of 1.1 million net acres, our very capable technical team has identified numerous opportunities to expand and high grade our leasehold position. Given that Range has drilled more wells in the play than all other companies combined, we believe we are well positioned to spend the additional capital prudently. Also, with the drilling success we have achieved so far in 2008 in our core properties, we have decided to increase our production growth target to 19%. Our multi-year portfolio of low-risk drilling projects is driving our production growth which in turn puts us in the position to aggressively pursue our emerging plays."
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