Range sold its North Texas Barnett Shale acreage and production, for approximately $900 million, to help fund increased activity in the Marcellus. The Company exited the year with net production of over 400 Mmcfe/day from the Marcellus Shale.
Range completed its first Upper Devonian and Utica test wells with favorable results. In the Marcellus Shale, the Company drilled more than 100 horizontal wells and exited the year with net production in excess of 200 Mmcfe/day.
Range drilled 55 horizontal shale wells in the Marcellus Shale driving net production past the 100 Mmcfe/day milestone before year-end. The Company drilled its first two horizontal wells in the northeastern core of the Marcellus both with seven-day production rates above 13 Mmcfe/day.
The Company's net acreage in the Marcellus Shale grew to more than 900,000+ acres. Range pioneered the Marcellus Shale and led its development by assembling a large, dedicated regional team. The Company brought in Mark West Energy Partners, L.P., to construct processing and gathering facilities and exited the year with net production from the Marcellus of 30 Mmcfe/day.
Range sold high-decline offshore properties and acquired additional interest in the Nora coal bed methane field for $278 million, gaining further exposure to CBM, tight gas and shale gas production.
Range Resources – Appalachian, LLC opened an office outside Pittsburgh, Pennsylvania to focus on unlocking the Marcellus Shale gas potential.
In June, Range acquired Stroud Energy and roughly 20,000 acres in the North Texas Barnett Shale play. Within 18 months, Range entered five shale plays, growing shale gas production from zero to 60 Mmcfe/day. Net acreage prospective for shale gas development grew from 180,000 to 650,000 net acres.
Range announced 3-for-2 stock split.
Buoyed by higher oil and gas prices and steady growth, Range acquired the 50% of Great Lakes Energy Partners that it did not previously own for $298 million.
Range acquired premier coal bed methane properties in Virginia and West Virginia for $219 million, increasing its stake in unconventional gas development through subsidiary Range Resources – Pine Mountain, Inc.
Jeff Ventura hired as Chief Operating Officer, and Roger Manny hired as Chief Financial Officer. Range continued to expand technical team. Focus on low-cost, consistent growth in production and reserves.
Strategy shifted from “acquire-and-exploit” to a more technical focus. Range began expanding the technical and operating staff.
An industry downturn led to layoffs and a retrenching effort, including the formation of an Appalachian joint venture with FirstEnergy Corporation. For the past decade, Range operated its properties in the Appalachian Basin under this wholly owned subsidiary, Great Lakes Energy Partners, LLC.
Merger with Domain Energy Corp. created 15th largest publicly traded independent oil and gas company in America. Name changed to Range Resources.
Acquisition of American Cometra for $381 million; doubled asset base.
With $300 million in assets, began trading on NYSE.
Headquarters moved to Fort Worth. John Pinkerton named CEO.
Snyder Oil Company sold its remaining interest in Lomak.
Relisted on the NASDAQ. John Pinkerton named President. Completed over $200 million worth of acquisitions over next ten years.
Lomak Petroleum acquired by Snyder Oil Company in Fort Worth. Fifty percent of Lomak stock distributed to Snyder Oil’s stockholders.
Downturn in the industry led to losses. Delisted from the NASDAQ. Traded in the pink sheets market.
Expanded beyond Appalachian Basin, establishing subsidiaries in Michigan and Texas.
Reorganized as a Delaware corporation. After an initial public offering, shares began trading on the NASDAQ. Raised drilling funds through public offerings.
Lomak Petroleum, predecessor of Range Resources, was founded and incorporated in the state of Ohio, with headquarters in Hartville. Began drilling wells on East Ohio Gas farm out leases and building an acreage position in the Appalachian Basin.