north chapman ranch

If Puntland and Georgia are not enough for Range, then maybe investors should worry more for the prospects in Texas. This could be 'the bread and butter' for RRS...and news again is imminent?
http://www.rangeresources.com.au/operations/texas-usa/north-chapman-ranch/

Texas - USA
North Chapman Ranch
Resource Volumes and Valuation
East Cotton Valley
Puntland
Georgia
Trinidad


North Chapman Ranch project, onshore Texas, USA
Introduction
Smith #1 well (25% WI)
Russell-Bevly #1 well (20% WI)
Introduction
In September 2009, Range acquired participation interests in the North Chapman Ranch project in Nueces County, Texas from Crest Resources Inc., a US-based private oil and gas company.

This consisted of a 25% interest in the North Chapman Ranch project?s first well ? Smith #1 ? and 20% in all subsequent wells assuming the exercise of certain clawback provisions by joint venture partners based on the current success of the Smith #1 well.

Following commerical discovery on the Smith #1 Well in December 2009 a multi-well programme was initiated.

Multi-well programme

Well Details
Name of well Smith #1 Russell-Bevly #1
Spud date 4 September 2009 12 May 2010
Total depth ~13,975 ft (4,260m) 14,225tf (4,337m)
Range working interest 25% 20%
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North Chapman Ranch Background
The North Chapman Ranch project area encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the state of Texas.

The North Chapman Ranch is situated within the prolific Frio producing trend just north of the Chapman Ranch in the Mobil David and Doughty Fields. The Mobil David field was discovered in 1965 when Mobil drilled the Chapman #1B well and completed the well in the Laureles Sand (now the Howell Hight). To date, an estimated 250 billion cubic feet of natural gas and more than 10 million barrels of oil have been produced from this field, primarily from the Anderson sandstone. Recently, several operators in the area have been successfully developing the deeper Howell Hight formation with some wells exhibiting flow rates in the 6-9 million cubic feet per day range.

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Smith #1 well (25% WI)
The Smith # 1 exploration well was spudded on 4 September 2009. On 12 November 2009, the well reached its target depth of 13,975 ft. (4,260m). Based on open-hole logs indicating approximately 120' (37m) of net pay thickness in three zones with no water, 4 ?" production casing was run to target depth and cemented in place. One of the three zones was perforated and after an interval of just 20' (6.2m) bottom-hole pressure was estimated to be approximately 11,650 psi.

Testing of the Smith #1 well confirmed a commercial discovery in December 2009, with first production and sales occurring in February 2010.

Initial production from the middle of the three zones flowed naturally.

Hydraulically fracturing the reservoirs is expected to create additional permeability paths from the reservoir to the well bore that should sharply increase initial rates from all zones, which in turn will accelerate payout while improving reserve recovery and overall economics.

To date, Gross production for the quarter from the Smith #1 well has been approximately 73k MMcf of natural gas and 5,350 bbls of oil.

Click here to read: Independent Reserves Report for North Chapman Ranch Field confirms significant oil and gas reserves
Russell-Bevly #1 well (20% WI)
On 12 May 2010, Range announced the spudding of the Russell‐Bevly Unit #1 appraisal well, the second well in the North Chapman Ranch Field project.

In June 2010 the well reached it's target depth of 14,225ft (4,337m). Based on open-hole logs indicating 130tf (40m) of net pay thickness in four zones with no water, 41/2"production casing was run to target depth and cemented in place. 11ft of one zone was perforated and placed into production.

Testing of the Russel Bevly Well confirmed a commercial discovery in June 2010, with first production and sales occuring in September 210.