Range Resources Updates on Tx. Program
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||~10,567 ft. (3,222m)|
|Target Depth of Well||~14,000 ft. (4,268m)|
|RRS Beneficial Interest||20%|
It is planned to halt the drilling in the coming days with well logging to be performed followed by the setting of intermediary casing and then the recommencement of drilling.
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 has been pre-paid).
Range will provide regular updates on the progress on the drilling of the Russell-Bevly well.
Texas Update – Smith #1 Well
As previously announced by the Company, the initial production from the Smith #1 well was from one zone under natural pressure. The joint venture will shortly shut in the well and commence the opening of the two other zones as well as fracture stimulation of all three zones.
Range will update on progress accordingly.
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