Range Resources Limited continues the development of its North Chapman Ranch Field in Texas, USA, with independent certification by Independent Petroleum Engineers, Lonquist & Co LLC (Lonquist) confirming the field contains significant oil and gas reserves.

Range’s Executive Director Mr Peter Landau commented, “Range is pleased that from an initial investment of US$1.8m to drill, test and commercialise the Smith #1 well, we have been able to achieve a significant uplift in shareholder value based on an independently assessed reserves and valuations reported on the North Chapman Ranch Project.”

Mr Landau added, “We feel that the upcoming development and appraisal activities will add additional value to Range as we continue to add reserves, production and cash flow to create a balanced portfolio of lower-risk development and production projects in the US with high potential exploratory prospects in Puntland and Georgia.”

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