Range Preps for Drilling at Texas Asset
Range Resources announced that site preparations have commenced in readiness for the upcoming drilling of the Russell-Bevly Unit #1 well in Nueces County, TX.
The well will be the Company's second to date in the North Chapman Ranch Field, where the Smith #1 discovery well recently commenced production. With a projected total depth of 14,000 ft. (4,200m), the Russell Bevly #1 well will be an appraisal well located approximately 1,900 ft. (570m) north-northwest of the Smith #1.
The well is expected to add reserves and production while helping to delineate the overall size of the reservoir. Range holds a 20% working interest in the well, which has an estimated dry hole cost of US $3.8m (Range share US $760,000). Range will provide regular updates on the progress on the drilling of the Russell-Bevly.
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