Range Resources Corp. (NYSE:RRC) advanced 5.8 percent in early trade
after the natural gas and oil company announced a jump in its proved
reserves as of December 31, 2011.
The Fort Worth, Texas-based company reported that its proved reserves
grew 14 percent to 5.1 trillion cubic feet equivalents (Tcfe) as of
end-2011. The rise would have been 43 percent, adjusting for the sale of
its Barnett Shale properties in April 2011, it said.
"We are very well positioned to continue to achieve double-digit
production and reserve growth at low cost for years to come," said chief
executive Jeff Ventura.
The company's year-end 2011 proved reserves by volume were 79 percent
natural gas, 17 percent natural gas liquids and 4 percent crude oil.
On Monday, the stock is currently up 5.6 percent to trade at $57.08.
The shares have been trading in the 52-week range between $45.13 and
$77.24.