Range Resources (NYSE:RRC) updated its development program in the Permian Basin where the company is developing the Wolfberry and Cline Shale plays.
Range Resources reported a Wolfberry well with an initial production rate of 505 barrels of oil equivalent (BOE) per day. The production was composed of 243 barrels of oil, 126 barrels of natural gas liquids and 814,000 cubic feet of natural gas per day. The well cost $2.5 million to drill and complete.
Range Resources said that the company’s first two Wolfberry wells have an estimated ultimate recovery (EUR) of 216,000 BOE each.
Range Resources has completed its third horizontal well into the Cline Shale in the Permian Basin, which is approximately 12 miles from the company’s first well drilled into the Cline Shale.