Building on its success at North Chapman Ranch, Range Resources has acquired a 13.56% interest in approximately 1,570 gross acres encompassing a recent oil discovery located in Red River County, Texas, for total leasehold acquisition costs of US $254,000.
Development of the shallow oil reservoir in the Cotton Valley formation is expected to begin in July with the drilling of a horizontal appraisal well in the field, where gross recoverable reserves could of between 4 to 6 million barrels of oil.
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