RANGE RESOURCES CORPORATION estimated unrisked unproved resource potential ("unproved resource potential") as of December 31, 2013 increased to 64 - 85 Tcfe, up from 48 - 68 Tcfe at year-end 2012 and 60 - 83 Tcfe at mid-year 2013. The year-end 2013 unproved resource potential includes 42 - 55 Tcf of natural gas and 3.7 - 4.9 billion barrels of NGLs and crude oil. Of the total year-end 2013 unproved resource potential, approximately 62% is attributable to the Marcellus Shale where Range has 955,000 net acres across the play with the remaining 38% attributable to other formations in Appalachia, the Midcontinent and west Texas. Range previously announced that its year-end 2013 proved reserves were 8.2 Tcfe. Based on the unproved resource potential, Range has the opportunity to grow its proved reserves 8 to 10 times. As a result of its development activity, Range has moved 6.4 Tcfe of unproved resource potential to proved reserves over the last four years. The estimated unproved resource potential assumes normal ethane extraction. No unproved resource potential estimates were assigned to the Company's Utica/Point Pleasant acreage or tighter spacing in the dry Marcellus. The Company plans to drill a Utica/Point Pleasant well in Washington County, Pennsylvania during 2014.
Commenting on the Company's updated potential, Jeff Ventura, Range's President and CEO, said, "Our unproved resource potential continues to grow with our technical improvements in the reservoirs across our portfolio. Given the expected continued improvement, especially in the Marcellus, we believe that further improvements can be achieved. We have assembled an exceptional portfolio of high-return, low-cost projects. Importantly, we have also assembled a high-quality technical team that has a solid track record of converting our unproved resource potential into production and proved reserves at low cost. Over the past four years, Range has developed 6.4 Tcfe of proved reserves from our unproved resource potential. Using the lower portion of the range, this means that almost 10% of our unproved resource potential has been moved into our proved reserves. As a result over the past four years, our proved reserves have grown at a 27% compound annual growth rate with an average drill bit only finding cost of $0.65 per mcfe. We believe this demonstrates our ability to consistently convert our unproved resource potential into proved reserves with one of the industry's leading cost structures and superior economics."
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