texas production

Texas production for August looking very healthy :

Smith 1 : 5229 barrels condensate + 63194 Mcf gas
(vast improvement from 2272 barrels + 24875 Mcf in July)

Russel Bevly : 8507 barrels condensate + 87733 Mcf gas

Hoping for an update on Texas reserves soon. The Lonquist valuation just for the Range share of North Chapman Ranch gave the following on a 10% discounted cash flow basis (8th October 2010):

P1 (Proven) reserves : $69m
P2 (Probable)reserves : $37m
P3 (Possible) reserves : $142m
Total $248m

The last reserves estimate gave total commercially recoverable reserves net to Range, for North Chapman Ranch of : P1 1.9mb + 12.7 Bcf gas
P2 1.0mb + 6.9 Bcf
P3 4.3mb + 28.5 Bcf
Total 7.2mb + 48.1 Bcf

If Smith 2 is successful we should be able to shift some P3 reserves into P2 and some P2 into P1, thereby increasing the valuation of this asset.

Flow rates of Ross 3H post frac will be interesting in East Texas Cotton Valley.

All the best from a UK ranger !