Production for the year averaged 322 million cubic feet equivalent (Mmcfe) per day, a 17% increase over 2006.
The company also announced that its anticipated fourth quarter 2007 oil and gas price realizations are expected to average $8.25 per Mmcfe, which represents a 26% increase over the prior-year period and a 6% increase over third quarter 2007. For 2008, approximately 80% of anticipated gas production is hedged at an average floor price of $8.67 per million cubic feet. For the fourth quarter, the company expects to recognize exploration expense of approximately $14 million.
John Pinkerton, president and CEO of Range Resources, said: Fourth quarter production exceeded expectations due to better than anticipated drilling results. For the year, production rose 17%, exceeding our beginning of the year target despite production lost from property sales. With 20 consecutive quarters of sequential production growth, we have now grown production consistently for five consecutive years.
