Range Resources announced the spudding of the Russell Bevly #1 appraisal well as part of the North Chapman Ranch Joint Venture's multi-well program in Texas.
Following on from the recently released Independent Reserves and Valuations Report, the Company anticipates that the well will provide valuable information regarding the size and geometry of the reservoir and move additional reserves into the Proved Producing category.
The projected total depth of the well is 14,000 ft. (4,200m), and located approximately 1,900 ft. (570m) north-northwest of the Smith #1. 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 which has been paid upfront).
Range will provide regular updates on the progress on the drilling of the Russell-Bevly well.
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