Range Resources Commences Production at North Chapman Ranch

Range Resources announced that production has commenced from the Company's second well at North Chapman Ranch, the Russell Bevly Unit #1. Less than seven weeks after production casing was set in the well and the drilling rig released, the Russell Bevly was turned to sales at approximately 1,000 Mcf of natural gas and 90 bbl of oil per day with approximately 8,000 psi flowing tubing pressure on a 6/64" choke from just one of four identified pay zones. The first zone placed in production represents just 11 ft. of perforated Howell Hight formation within total net pay thickness of approximately 130 feet.

It is anticipated that, similar to the Company's first well (Smith #1), the well will flow naturally for a number of months before it is shut in and a completion rig moved into place. Once the completion rig is in place, the well will be fracture stimulated and additional pay zones added to boost rate. Hydraulically fracturing the reservoirs creates additional permeability paths from the reservoir to the well bore, increasing production rates from the various pay zones, which in turn accelerates payout while improving reserve recovery and overall economics.

The Company will continue to provide further updates on the progress of its portfolio of assets.
 

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