Range Expands Shale Plays
Range Resources reports that it has expanded its shale gas plays, which now cover 180,000 acres of leasehold and has added Mark Whitley to its management team as a Senior Vice President. Mr. Whitley has over 30 years of industry experience, serving with Shell Oil Company, Mitchell Energy Company and Quicksilver Resources. Mr. Whitley will manage Range's activities in the Permian Basin and East Texas, as well as oversee Range's activities in its various shale plays. He will report to Jeff Ventura, Range's Executive Vice President and Chief Operating Officer.
Jeff Ventura commented, "We are extremely excited that Mark has chosen to join the Range team. Under Mark's leadership, Mitchell unlocked the potential of the Barnett Shale in the Fort Worth Basin and grew their production to 460 Mmcf per day. That's a track record very few people in the industry have achieved. Mark will be valuable to Range in managing and growing our Permian Basin and East Texas operations, and his shale experience and technical expertise will help us accelerate our shale play activity."
Range has substantial acreage positions in several shale plays, including 150,000 acres in the Devonian Shale play in the Appalachian Basin, 20,000 acres in the Barnett/Woodford Shale play in the Permian Basin and 10,000 acres in the Barnett Shale play in the Fort Worth Basin. In addition, Range continues to actively lease in these plays, and is also beginning to lease in the Fayetteville Shale play in the Arkoma Basin. Jeff Ventura commented, "We have been studying these plays for some time and are continuing to add experienced geological, engineering and land personnel. The opportunities that we have identified and are leasing are very solid technically and have attractive economics."
John Pinkerton, the Company's CEO and President added, "Range's
strategy is to consistently grow production and reserves through a
diversified inventory of drilling projects, which now totals over
7,000 locations. Several years ago, after careful consideration, we
added coal bed methane projects in Appalachia, and they are now making
a meaningful contribution. Based on extensive technical reviews, we
decided to aggressively expand our efforts in shale gas. In addition
to expanding our acreage position, we felt that it was critical to add
experienced personnel to oversee the exploitation of this growing
acreage position. Mark Whitley and the other technical personnel that
have joined Range will help ensure that we are bringing the best
technology and operating expertise to these new projects."
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