Range Resources Ltd., West Perth, Australia, (London Aim: RRL) has acquired an additional 8.1875% working interest in its East Texas Cotton Valley project from an undisclosed seller for a total of $148,000.
Range acquired the deal in lease acquisitions and also paid on overriding royalty interest retained by the seller.
Range's participating interest in the shallow oil project now totals 21.75%. Range and its partners are preparing to spud the Ross 3H horizontal appraisal well in the coming weeks. This is the company's first well in the project area.
Range managing director Pete Landau says, "Increasing our interest in this shallow oil appraisal and development project just prior to spudding the next well makes good strategic sense for Range and adds oil reserves in a period of strong crude oil prices. Overall, the project is expected to be an excellent complement to our North Chapman Ranch interests and should result in additional production and cash flow in the near term."
Recommended Reading
At Last, AI Brings Good News for Gas Producers
2024-06-21 - Is artificial intelligence humanity’s power-hungry new friend?
TGS Gaining Ground on Subsurface Insights in the Permian
2024-06-19 - TGS released the Dynamic Matching FWI volume for the West Kermit 3D seismic survey, which spans 1,054 sq km across the Delaware Basin in Loving and Winkler counties, Texas.
AI & Generative AI Now Standard in Oil & Gas Solutions
2024-07-25 - From predictive maintenance to production optimization, AI is ushering in a new era for oil and gas.
TGS Completes Largest US East Coast Wind, Metocean Survey
2024-07-25 - TGS said the data for this project was collected from July 2022 through July 2024 and covered 600 km from Massachusetts to the Virginia-North Carolina border.
STRYDE Provides Seismic Survey Solutions Globally
2024-07-25 - Companies across various sectors look to use STRYDE’s conventional and in-field processing services for 2D and 3D seismic surveys.