Independent Reserves Report for North Chapman Ranch Field confirms significant oil and gas reserves
Range, through its technical consultants Texas Energy Advisors LLC, engaged Independent Petroleum Engineering firm, Lonquist & Co LLC (“Lonquist”) to compile and provide geological, geophysical and engineering data and provide an Independent Reserves Report and Valuation for the project following the success of the Smith #1 well
On 11 May 2010, Range announced that Lonquist’s independent reserves report has confirmed the following gross commercially recoverable reserves from the North Chapman Ranch Field:
216 Bcf of natural gas (attributable to Range – 45 Bcf)
16 mmbbl of oil (attributable to Range – 3.3 mmbbls)
15.5 mmbbl of natural gas liquids (attributable to Range – 3.2 mmbbls)
Following the success of the Russell Bevly Well, Lonquist upgraded their reserves report with results as follows:
| Category | Natural Gas (Bcf) | Oil (mmbbls) | Natural Gas Liquids (mmbbls) |
|---|---|---|---|
| Total Reserves | 239.5 | 18.4 | 17.3 |
| Proved (P1) | 62.4 | 4.8 | 4.5 |
| Probable (P2) | 34.6 | 2.7 | 2.5 |
| Possible (P3) | 142.5 | 10.9 | 10.3 |
Set out below is Range’s attributable interest in the gross recoverable reserves on 25% of the Smith #1 well and on 20% of the remaining wells assuming the exercise of certain clawback provisions by joint venture partners occurs following the success of the Smith #1 well:
| Category | Natural Gas (Bcf) | Oil (mmbbls) | Natural Gas Liquids (mmbbls) |
|---|---|---|---|
| Total Reserves | 48.1 | 3.7 | 3.5 |
| Proved (P1) | 12.7 | 1.0 | 0.9 |
| Probable (P2) | 6.9 | 0.5 | 0.5 |
| Possible (P3) | 28.5 | 2.2 | 2.1 |
The planned multi-well program is anticipated to move Possible (P3) Reserves into the Probable (P2) and Proved (P1) Reserve categories.
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