Range Resources Corporation announced that its proved reserves as of December 31, 2013 increased 26% to a record high of 8.2 Tcfe.
Range replaced 612% of production in 2013 from drilling (including proved performance revisions). Finding and development costs from all sources, (including acreage and price and performance revisions) are expected to average $0.61 per mcfe ($0.63/mcfe excluding price revision), based on preliminary unaudited results for 2013. Drill bit development costs are expected to average $0.57 per mcfe.
The Company's estimate of drilling and development costs incurred during 2013 including acreage, exploration and seismic expenses is approximately $1.3 billion which is subject to year-end audit. Included in the $1.3 billion capital spending for 2013 is approximately $138 million for acreage.