Range Resources said it increased its natural gas hedge position, adding natural gas swaps in 2007 and 2008. The 2007 natural gas swaps average $9.34 per MMBtu, with the 2008 swaps averaging $9.42. To a lesser degree, additional natural gas collars were added in the third and fourth quarters of 2006. “With approximately 80% of Range’s reserves being natural gas, we have locked in outstanding prices on a significant portion of our production for the remainder of 2006 and for all of 2007 and 2008,” said CEO John H. Pinkerton. “With 15% production growth targeted for 2006 and 2007 combined with the attractive hedge prices, we anticipate generating record financial results. Importantly, the increased hedge position will allow us to aggressively pursue our growth strategy while continuing to build our financial strength.”

Washington Group International Inc. has formed a co-venture with UK-based Whessoe Oil & Gas Limited to provide engineering, procurement and construction services for liquefied natural gas (LNG) tanks, receiving terminals and peak shaving (storage) facilities in the United States and at select locations internationally. “The co-venture will offer a consistent, integrated, single-source delivery solution to potential clients,” said Jon Dale, managing director of Whessoe Oil & Gas Ltd, “allowing them to benefit from the combined experience of our team. Ultimately this provides increased project delivery confidence and will serve to lower our client’s delivery risk.” Whessoe is a specialist engineering, procurement, and construction contractor in the cryogenic and low-temperature gas industry.

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