FORT WORTH -- Fort Worth-based oil and gas producer Range Resources said Wednesday that it increased its proven reserves by 29 percent in 2012, finishing the year with the equivalent of 6.5 trillion cubic feet of natural gas.
That included 1.767 trillion cubic feet added by drilling and without acquisitions. The gain amounted to more than seven times its 2012 production of 276 billion cubic feet, Range said.Its reserve estimate is based on average commodity prices over the preceding 12 months, using $2.76 per million British thermal units for natural gas and $95.05 a barrel for crude oil. In 2011, the averages were $4.12 for gas and $95.61 for oil.Range said its all-in finding and development cost was expected to average 87 cents per 1,000 cubic feet equivalent, including land expenses and a drilling cost of 68 cents per 1,000 cubic feet equivalent. Its reserves are 74 percent gas, 22 percent natural gas liquids and 4 percent crude oil.CEO Jeff Ventura said it was the company's seventh consecutive year of growth in reserves. He said liquids reserves increased 64 percent in 2012, compared with a 20 percent rise for gas.Jim Fuquay, 817-390-7552Twitter: @jimfuquayHave more to add? News tip? Tell us
