Texas - Development / Production
In September 2009, the Company acquired a 25% interest in the Smith #1 well and a 20% interest in subsequent wells in the North Chapman Ranch Project in Nueces County, Texas. The project area comprises 1,680 acres in one of the most prolific oil and gas producing trends in Texas. Following the commercial discovery on the Smith #1 well in December 2009, a multi well program was initiated that has seen four appraisal / development wells drilled across the license area Independently assessed 3P reserves in place (on a 100% basis) of 228 Bcf of natural gas, 18 mmbbls of oil and 17 mmbbls of natural gas liquids.
Range also holds a 21.75% interest in the East Texas Cotton Valley Prospect in Red River County, Texas. The prospect's project area encompasses approximately 1,570 acres encompassing a recent oil discovery. Independently assessed gross recoverable reserves in place of 3.3 mmbbls of oil.
The Company is currently looking at the potential disposal of its Texas and has received a conditional offer subject to due diligence.