Range Resources Updates on Tx. Well

Range Resources updated on the Russell Bevly #1 appraisal well as part of the North Chapman Ranch Joint Venture's multi-well program in Texas.

The appraisal well Russell Bevly #1 spudded on May 9, 2010 and is progressing as follows:

  • Name of well: Russell Bevly #1
  • Spud date: May 9, 2010
  • Current depth of well: ~4,304 ft (1,312m)
  • Target depth of well: ~14,000 ft (4,268m)
  • RRS beneficial interest: 20%

The projected total depth of the well is 14,000 ft. (4,268m), and located approximately 1,900 ft. (570m) north-northwest of the Smith #1. Range holds a 20% working interest in the well, which has an estimated dry hole cost of US $3.8m (Range share US$760,000 which was pre-paid).

Range will provide regular updates on the progress on the drilling of the Russell-Bevly well.