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