Range Resources has acquired an additional 8.2% working interest in its East Texas Cotton Valley project.
The company’s participating interest in the shallow oil project now totals 21.75% and the acquisition marks an additional investment in the prospect.
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Range and its partners are preparing to spud the Ross 3H horizontal appraisal well, which will be the firm’s first in the project area.
Range Resources managing director Pete Landau said increasing the company’s interest in the shallow oil appraisal and development project before spudding the next well makes good strategic sense for the firm and adds oil reserves during strong crude oil prices.
