Range Sells Coal Bed Methane Wells in VA, Focusing on Marcellus

Range Resources announced yesterday they are selling off 3,500 operated wells and approximately 460,000 net acres in the Nora/Haysi combined fields located in southwestern Virginia for $876 million to an unnamed buyer. The reason for the sale? Range is using the money to reduce debt and further concentrate on the “core” of their operations in the Marcellus/Utica. Range’s Nora/Haysi wells are coal bed methane wells. Drilling coal bed methane is akin to conventional drilling. All 3,500 of those wells produce an average of 109 million cubic feet per day (Mmcf/d) of natural gas. By comparison, using a very low number of 5 Mmcf/d for an average Marcellus well, it only takes 22 Marcellus wells to equal those 3,500 coal bed methane wells. Behold the power of fracking. Here’s what Range said yesterday about the sale…

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