By OGJ editors
HOUSTON, Feb. 7 -- Range Resources Corp., Fort Worth, reported a 2007 capital spending budget of $698 million, representing a 10% increase over 2006 expenditures.
The budget includes $600 million for drilling and recompletions, $58 million for land, $20 million for seismic, and $20 million for the expansion and enhancement of gathering systems and facilities.
Of the drilling and recompletion capital, 94% is attributable to low-risk development and exploitation activities and 6% is attributable to high-risk exploration projects.
In 2007, Range expects to drill 924 gross wells (691 net) and undertake 72 recompletions (52 net). On a regional basis 57% of the capital budget is attributable to the US Southwest, 37% to the US Appalachian area, and 6% to the US Gulf Coast area.
