July 16, 2009 / 10:50 AM / in 9 years

UPDATE 1-Range Resources Q2 production up 14 percent

* Q2 production up 14 pct to 434 mmcfe/d

* Cites positive drilling results in Barnett & Marcellus

* Sees double-digit production growth in 2009

* Sees $11 mln exploration expense in Q2

* Sees one time charge of $22 mln in Q2

July 16 (Reuters) - Independent oil and gas company Range Resources Corp (RRC.N) said its second-quarter production rose to 434 million cubic feet equivalent per day (mmcfe/d), outpacing its earlier forecast of 420-425 mmcfe/d.

The company attributed the 14 percent year-over-year and 4 percent sequential rise in production to better-than-expected drilling results at its Barnett and Marcellus shale plays.

“Despite a significantly lower capital budget and the recent sale of its West Texas oil properties, Range currently anticipates that it will achieve double-digit production growth again in 2009,” the company said in a statement. Range also said it will record about $11 million in exploration expenses for the second quarter, which includes $6 million in seismic expenditures.

Citing low natural gas prices, the company also decided not to renew leases for certain non-core Barnett shale assets, which would result in a one time charge of $22 million in the second quarter.

The company owns about 900,000 acres in the natural gas-rich Marcellus shale. Shares of the Fort Worth, Texas-based company closed at $40.93 Wednesday on the New York Stock Exchange.

For the alerts, double-click [ID:nWNAB7739] (Reporting by Shradhha Sharma in Bangalore; Editing by Aradhana Aravindan)

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