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Range Resources sees FY13 production growth 20%-25%

Production growth for 2013 is targeted at 20% to 25% year-over-year. Production for Q213 is expected to range between 880 to 890 Mmcfe per day. Liquids are expected to be approximately 20% of second quarter production. Range is expecting liquids production growth during 2013 to be greater than the 20% to 25% year-over-year overall production growth target. Range anticipates that its first ethane sales contract will become operational during the third quarter of 2013. The initial volumes are still being coordinated among Range, the customer and the third-party transportation provider. Currently, the company expects to deliver 5,000 barrels per day of ethane over the last six months of the year. Under the current contract arrangements, Range is scheduled to increase ethane deliveries under this first ethane arrangement to 15,000 barrels per day at the beginning of 2014. Since ethane deliveries are FOB the Houston processing plant, the company is not expected to incur any additional costs associated with the contract.