Reuters: Regulatory News: UPDATE 1-Range Resources production rises 20 pct

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UPDATE 1-Range Resources production rises 20 pct Apr 12th 2012, 10:57 Thu Apr 12, 2012 6:57am EDT * Says Q1 production volumes averaged 655.5 mmcfe/d * Says will record expense of $24 mln in Q1 * Sees company-wide production taxes at $13.6 mln in Q1 April 12 (Reuters) - Natural gas-focused Range Resources Corp said its first-quarter production volumes rose 20 percent, mainly on higher drilling in the Marcellus shale field. The Forth Worth, Texas-based company, which sold all of its Barnett shale properties last year to focus on liquids-rich Marcellus shale, said quarterly production rose to 655.5 million cubic feet equivalent (mmcfe) net per day. The company's oil production increased 36 percent while natural gas liquids production rose 20 percent. Natural gas forms 78 percent of its total output. Range said it expects company-wide production taxes to total $13.6 million in the first quarter as a result of Pennsylvania's natural gas impact fee. In February, Pennsylvania imposed stricter rules and levies for natural gas drilling, which has been blamed for contaminating local water supplies. The new law imposes a flat annual impact fee on shale gas producers. Range Resources said it will also record a onetime expense of about $24 million in the first quarter, based on the required payment for wells drilled in 2011 and previous years. Range Resources shares, which have lost about 11 percent of their value so far this year, closed at $55.02 on Wednesday on the New York Stock Exchange. Link this Share this Digg this Email Reprints

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