Range Resources, one of the first oil and gas companies to drill into the Marcellus, has just increased the estimate of their 'Unproven Reserves'. What that means is, they now think that they can get a lot more gas out of the ground than they previously thought. Why do they think that?
First of all, their Marcellus Shale gas wells in PA are producing way better than they had hoped. Secondly, there is more gas in the Upper Devonian Shale (just above the Marcellus) and in the Utica Shale (below the Marcellus). As they learn more about the potential of these other shale formations, it's highly probable that the reserve numbers will increase even more.
The bottom line is, the land and mineral rights above the Marcellus Shale is becoming more and more valuable.
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