This was reported Wednesday of this week"Range holds a 25%...

This was reported Wednesday of this week

"Range holds a 25% interest in the North Chapman Ranch project, Texas. The project area encompasses approximately 1,680 acres in one of the most prolific oil and gas producing trends in the State of Texas. Drilling of the first well has resulted in a commercial discovery with production commencing Jan/Feb 2010"

What will people say when Range is pumping oil and gas by the end of THIS month and consequentially making money?

We have not been told of the enormity of this reserve (except at the AGM when it was said the gas part was 200bcf), but the company has said that production will be in the order of 1,000 bopd and 12 mcf of gas.

There is also going to be four more wells drilled in the Chapman Ranch precinct over this calendar year.

It is highly likely they will all be producers.

On the matter of Georgia, the company is midway through siesmic activities, which will be completed end February with ready to drill targets this coming May. The company may enlist the expertise of it's own and be the operator. It has been reported by the company that the prospects are multi hundred million barrels and are shallow targets.

Puntland, it appears early ground works are underway for a spudding of the first well mid year. The first of such activity in nearly 20 years.

Offshore is subject to the satisfactory negotiation of the PSA's but it has been widely reported that the reserves offshore are enormous.

So, in summary, whilst it may be entertaining to ponder the checkered history of this company, one should consider the near and longer term future as a measure of it's likely success.

To those who have been burnt, some very badly, by the shareprice, you need to move on to the next level in the healing process. I lost a lot, but have been able to re-invest and average down to such an extent that I am now in the black.

Range was not the only company to suffer in the past with shareprice declines, there are plenty that have fared worse and many that have gone all together.

I think we should be congratulating the Range team on their success and perserverance. People are all too eager to defame Peter Landua, behind their nics, yet he is the one who has stood by shareholders.

I look forward to seeing hotcopper as a forum where members can discuss the company and it's activities and not the agendas of various members.

If this cannot be achieved then I think the whole RRS forum should be shut down. It is of no value to anyone otherwise.

Happy Australia Day!

jr