NEWS
RELEASE
RANGE
PRODUCTION INCREASES
FORT WORTH, TEXAS, APRIL 17,
2003…RANGE RESOURES CORPORATION (NYSE: RRC) today reported that first
quarter 2003 production volumes rose to 154 Mmcfe per day, of which 75% was
natural gas. This represents a 3.3%
increase over first quarter 2002 and a 3.2% increase over fourth quarter
2002. The increase was due to wells
brought on production in late 2002 and early 2003. With the benefit from wells that went on
production in the first quarter and those expected to go online shortly, second
quarter production should rise further.
The Company also indicated
that approximately $25 million of its $105 million capital budget had been
expended in the first quarter, funding the drilling of 57 (35.1 net) wells and 7
(4.9 net) recompletions. Only 2
(2.0 net) of the projects, having an aggregate cost of approximately $500,000,
proved unproductive. By March 31,
29 (19.6 net) of these wells had been placed on production. The remaining wells were in various
stages of completion or waiting on pipeline connection. Drilling activity in the second quarter
is expected to remain high. The
Company currently has 11 rigs running.
The results of several
recent projects are of particular note.
At West Cameron 45 #20 in the Gulf of Mexico production continues to
exceed 6.0 Mmcfe per day net. Also,
Ship Shoal 28 #40, a discovery well drilled in late 2002, is expected to go on
production before the end of April.
In the Texas Panhandle, the Company completed six successful wells in the
first quarter. Most significantly,
drilling at the 34,000 acre Courson Ranch area has yielded its third Morrow sand
success. The Courson Ranch #2-141
was placed on production earlier this week at maximum allowable rate of 2.3 (1.2
net) Mmcfe per day. The Company
owns a 73% working interest in the Courson Ranch acreage. Up to nine additional wells are
currently anticipated to be drilled at Courson Ranch during the remainder of
2003. In West Texas, the Company’s
oil waterflood redevelopment project at the Furhman-Mascho field is progressing
as planned. Currently two rigs are
being utilized to drill in-fill producing wells and other wells are being
converted to water injection wells.
Since year-end, production at Furhman-Mascho has increased 33% to over
1,000 net barrels of oil per day.
Assuming continued success, production at Furhman-Mascho should increase
another 50% before year-end.
Commenting on the
announcement,
RANGE RESOURCES CORPORATION
(NYSE: RRC)
is an independent oil and gas company operating in the Permian, Midcontinent,
Gulf Coast and Appalachian regions of the United States.
Except for historical
information, statements made in this release, including those relating to
anticipated capital expenditures,
production rates, well costs and the number of wells to be drilled are
forward-looking statements as defined by the Securities and Exchange
Commission. These statements are
based on assumptions and estimates that management believes are reasonable based
on currently available information; however, management’s assumptions and the
Company’s future performance are subject to a wide range of business risks and
uncertainties and there is no assurance that these goals and projections can or
will be met. Any number of factors
could cause actual results to differ materially from those in the
forward-looking statements, including, but not limited to, the volatility of oil
and gas prices, the costs and results of drilling and operations, the timing of
production, mechanical and other inherent risks associated with oil and gas
production, weather, the availability of drilling equipment, changes in interest
rates, litigation, uncertainties about reserve estimates, and environmental
risks. The Company undertakes no
obligation to publicly update or revise any forward-looking statements. Further information on risks and
uncertainties is available in the Company’s filings with the Securities and
Exchange Commission, which are incorporated by
reference.
2003-8
Contact:
(817) 870-2601
www.rangeresources.com