Fort Worth-based Range Resources Corp., which concentrates on exploration in the Southwest, Appalachia and the Gulf Coast region of the United States, reported Wednesday 4Q2005 production volumes rose to 250.3 MMcfe/d, a 16.5% increase over the same period a year ago. About 72% of the company’s output in the quarter was natural gas.

Continuing its third straight year of production growth, Range said 2005 production averaged 239.1 MMcfe/d, a 22% increase over 2004.

“We are very pleased to have achieved double-digit production growth again in 2005,” said CEO John Pinkerton. “It is a testament to our operating teams that sequential production growth was posted each quarter, despite the impact of the hurricanes and numerous pipeline shut-ins. In 2006, we expect production to continue to increase, with over 1,000 wells planned, targeting the largest inventory in our company’s history. Additionally, our technical teams are making solid progress expanding our emerging plays. We are hopeful that one or more of these plays will prove to be commercial in 2006.”

Range’s 4Q2005 oil and gas price realizations (including the impact of hedging) averaged $6.87/Mcfe, a 40% increase over the prior-year period and a 9% increase over 3Q2005. Last year, about a quarter of Range’s production was hedged with swaps that were put in place several years ago at prices significantly lower than current market prices. These swaps expired at the end of 2005.

©Copyright 2006Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.