Range Makes Louisiana Gas Discovery
Range Resources has drilled and completed a significant discovery well in South Louisiana. The Faulk #1, which tested Marg Howei objectives, was drilled to a total measured depth of 11,314 feet, encountering 42 feet of net gas pay. The well is currently producing 14.8 (4.7 net) Mmcf and 404 (128 net) barrels of condensate per day. Range owns a 45% working interest (32% net revenue interest) and is operator of the well. The Company expects to spud another well in the area within 60 days.
In the Texas Panhandle, the Courson Ranch area continues to yield drilling success from the Morrow Sands. Since discovery in November of 2002, three field wells have produced over 187 million cubic feet of gas and 92 thousand barrels of oil. The field is currently producing at a rate of 2.3 Mmcf and 458 barrels of oil per day (2.8 Mmcfe/day net). A fourth well, the Courson Ranch #1-150 is being completed and should flow at the top allowable rate of 340 barrels of oil per day. Additional drilling continues in the field with seven wells remaining to be drilled in 2003. The Company owns a 73% working interest (55% net revenue interest) in the 34,000-acre ranch.
In the Watonga/Chickasha trend of western Oklahoma, the Coyote #1-8 commenced sales in late May at a rate of 2.3 (1.6 net) Mmcf per day. The Coyote well is an offset to the Wolfe #1-8, which began sales in the first quarter of 2003 and is currently producing at a rate of 1.6 (1.1 net) Mmcf per day. An additional offset is scheduled in the third quarter. On average, the Company owns 87% working interest (70% net revenue interest) in these wells.
John H. Pinkerton, President of Range Resources, commented, "The Faulk discovery represents another in a series of discoveries for our Gulf Coast unit. In addition, our Texas Panhandle and western Oklahoma drilling effort continues to expand. These efforts should lead to rising production for both the second and third quarters. Although still early in the year, we are on track to meet our production and reserve growth goals for 2003."