Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/proved-reserves-at-record-high-for-range-resources.shtmlProved reserves at record high for Range Resources
Range Resources Corporation says that its proved reserves as of December 31, 2014 increased 26% to a record high of 10.3 Tcfe.
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Range Resources Corporation says that its proved reserves as of December 31, 2014 increased 26% to a record high of 10.3 Tcfe.
Proved Reserves Highlights
•Range replaced 581% of production in 2014 from drilling •Finding and development costs from all sources are expected to average $0.64 per mcfe •Drill bit development costs are expected to average $0.55 per mcfe •Proved developed producing reserves increased 876 Bcfe, or 22% year-over-year •Proved developed reserves increased 1,157 Bcfe, or 28% year-over-year •Proved undeveloped reserves were 48% at year-end 2014, compared to 49% year-end 2013 •Year-end 2014 proved reserves by volume were 67% natural gas, 30% natural gas liquids and 3% crude oil and condensate. •Range has moved 8.8 Tcfe of reserves from resource potential to proved reserves in the last five years •Pre-tax 10% present value of the Company's proved reserves increased 28% to $10.1 billion at year-end 2014
