Range Resources Reaches Production Milestone
Range Resources has reached the 400 Mmcfe per day production milestone. The Company currently anticipates that fourth quarter 2008 production will be within its previous guidance of 400 to 405 Mmcfe per day. This represents an 18% increase for the quarter and nearly a 20% increase for the year. This will also represent Range's 24th consecutive quarter of sequential production growth. The rising production is the result of the Company's successful drilling program. All of Range's divisions have increased production for the year through the drill bit.
Commenting on the announcement, John Pinkerton, Range's Chairman and CEO, said, "Reaching 400 Mmcfe per day of production is a terrific milestone for all of us at Range. The drilling program has been the principle driver for our growth as we have focused on lower cost drilling versus higher cost acquisitions. As a result, we have maintained our low cost structure, which is critical in the current environment. Rising production, a low cost structure, hedges in place covering approximately 60% of next year’s production and strong liquidity position us well as we enter 2009."
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