By OGJ editors
HOUSTON, Mar. 22 -- Range Resources Corp., Fort Worth, reported replacing more than 8 times its 2004 production last year, including replenishing more than double its production through drilling alone.
Range's yearend reserves were 946 bcf of gas and 38 million bbl of oil and liquids, up 72% on the year.
The company set a $254 million capital budget excluding acquisitions for 2005, up 44% on the year, to drill or participate in 787 wells and 75 recompletions. It was running 13 rigs as of late February.
Among its 2005 exploration plans are the drilling of 5 wells to test the deeper part of the Trenton-Black River play in the Appalachian basin, the first of which is to spud in July.
The independent produced a record 50.7 bcf of gas and 3.5 million bbl of oil and liquids in 2004, and production rose in each quarter of the year, averaging 196 MMcfed.
Production climbed to 225 MMcfed in December with closing of the $219 million acquisition of private Pine Mountain Oil & Gas Inc., Abingdon, Va., gas and oil unit of Pittston Coal Co., which produces mainly coalbed methane in Virginia (OGJ Online, Dec. 2, 2004).
Proved reserves are assigned to 30% of Pine Mountain's 417,000 acres of properties. The lands, which have wide enhancement potential, brought Range's drilling inventory to nearly 5,300 projects.
