range resources q2 presentation

Listened to Range Resources Q2 webcast presentation. Not much emphasis on the Mississippian as they are still trying to figure out the play.

Extracts from Range Resources Q2 Webcast presentation relating to the Mississippi Lime:

"Okay, shifting to Oklahoma. For the Horizontal Mississippian play, we've become more aggressive with the frac designs, primarily going back to the larger frac jobs which are yielding really good results. There's 3 recent wells listed in the press release with these larger volume fracs with IPs ranging from 957 to 1,306 BOE per day, and oil production rates from 230 up to 625 barrels of oil per day. All 3 of these wells are in line with or above our expectations. Going forward, on average, we still expect to be right in line with our expectations of EURs ranging from 485 to 600 MBOE per well."

Q&A Session relating to Mississippi Lime Play:
"Leo P. Mariani - RBC Capital Markets, LLC, Research Division
I guess just jumping over to the Mississippian real quick, I think you guys have previously talked about on prior calls, now roughly doubling the rig count in 2014, getting roughly double the activity. Obviously, I know you guys have added efficiencies, you don't have to add as many rigs, but given a bit of a slow start to the year in the program, I know you guys explain that in your press release. And also given the fact that the returns on the Marcellus look like they've improved quite a bit, we potentially expect lower levels of activity in the Miss, and maybe shifting more activity to the Marcellus next year? How we -- should we think about that?

Ray N. Walker - Chief Operating Officer and Senior Vice President
I think the best way to answer that is, that we've always said the Horizontal Mississippian play is really an emerging play. We've got 160,000 net acres there. It looks real impressive to us. We have experimented with different style fracs and designs and so forth. We feel like it's on track, things are looking pretty good. But at this point, like we said, even though we used to say in the past it was going to be 5, 10, 15 rigs forward, that was always with the caveat that we had to see the results going forward. And that's why it's only a small portion of our budget and so forth. But I think we'll reserve the right to make that decision until we lock in the budget towards the end of the year with the board. But I do think there's still a lot of upside there, but we're just going to have to wait and see what the results look like at the -- towards the end of the year."