From RRC's May 21st presentation:

http://seekingalpha.com/article/1450141-range-resources-corporation...

And then in the Southwest, which is where we'll focus the rest of the time in talking about the Marcellus today, 540,000 acres net, approximately 50% held by production. This is where activity level is the big bulk of the capitals being spent in the wet area and the super-rich area. And here, we're perspective for Marcellus, as well as Upper Devonian, we'll talk a little bit about that, and then the dry Utica as well. So multiple stack plays, a lot going on in this area.

Folks shown in that area, the 540,000 acres to date. There's been 1,650 wells drilled by us and others in the area, so that's highly delineated, highly derisked at this point in time. And this has been -- these wells have been drilled since 2004, when Range discovered the Marcellus with the Range #1 well.

Just to give you a little perspective on what we've done so far and what our potential is. With 540,000 acres and 80-acre spacing, there's approximately 6,750 locations. To date, we've got a little more than 430 producing wells. That's about 6% of the wells' potential locations of 80 acres at our own production. We're currently at about 500 million a day in this area. So if you do the numbers, that works out. If everything drilled out as planned, just in the Marcellus, we're talking about 8 Bcf per day. Not saying we're going to get there, but that's the potential, so that's what we're looking at.

Splitting the Southwest Marcellus into 3 regions, we'll look at the super-rich, where we have 110,000 acres and that's 1,350 Btu or higher. And then in the wet gas window, 220,000 acres, that's 1,050 Btu to 1,350 Btu. And then in the dry gas, when the -- which is less than 1,050 Btu. So far, we've drilled 200 wells or -- plus or minus in the wet gas area. On average, 3,200 feet, 13 frac stage -- 3,200-foot laterals, 13 frac stages, EUR is in the range of 8.7 Bcfe. In 2013, we're going to -- assuming we're going to look at some economics here, and the economics will assume the same 13 frac stages, 3,200-foot lateral. With that set up, 3,200-foot, 13 stages, strip price, 8.7 Bcfe with 85% rate of return, and then $5 gas, it will be over 100% rate of return. That's why we're focusing on this area.

The super-rich, to show the difference and the economics between the 2 areas. We had approximately 51 wells in 2012. We're looking at 1.3 million barrels EUR. In 2013, we're looking to increase the number of stages, lateral lengths and the number of stages a little bit. And estimated EUR is going to be in the 1.4 million barrel range. Looking at the economics there, you can see, with 3,800-foot lateral links, 18 stages at the strip, we're at 97% rate of return and $5 -- 105% rate of return.

Just a quick note to show the impact of the wet gas and the liquids. This is based on $4 gas, 1,040 Btu, be $4.16 up to $7.54 with just the wet gas, and that's without ethane rejection -- or with ethane rejection, and then a slight bump, with ethane extraction. Of course, all of those reserves and that great price are only good if you can loop [ph] the gas. I think Range has been a leader in recognizing this.

As many as 5 years ago, we began planning for what we needed to do to get ethane out of the region. We've got a three-pronged approach. As you can see here, the red line is our Mariner West, and it is going to Sarnia in Canada. This is Sunoco gathering the gas. We're expecting that in the second half of '13. We're expecting to move up to 5,000 barrels of ethane to Sarnia at the second half of this year.

The next project that's going to hit the line will be the ATEX, which is from the same area, Houston plant down to Mont Belvieu, we're expecting that in 2014. There, we should be able to move 20,000 barrels of ethane a day eventually. And then finally, the third project is what we called Mariner East, that goes to Philadelphia. There, you can either go to international markets, you can ship, or to the local markets. We are currently moving propane there through truck and rail. We're loading the propane on ships and taking it to South America. And at this point in time, we've got -- we're working on markets for the ethane in the future internationally, as well as propane. And just with our existing agreements in place, with minimal methane extraction, we expect to be able to move in the wet Marcellus up to 1.8 Bcf a day at this point in time.

That's what a ship looks like that carries ethane. Got a lot of word slides, thought I might throw a picture in here. This is -- Evergas does ship ethane for any hubs that's one of our clients.

Skipping to the dry gas area in Southwest PA. This is often we've neglected to talk about because we've been so focused on the rich area. But it's a key to talk about because it's so big. What you're looking at here is our acreage in yellow and then you see the red dots that are 10-plus Bcf a day wells or Bcf EUR wells, and then the purple dots are 5 to 10 Bcf wells. So in this area, at these depths, that's economic today. Look a little bit at the economics here in a second. We've got 210,000 acres.

Let's take a look at that economics here. So far, we've drilled 16 wells or, on this presentation, 16 wells averaging 2,900-foot lateral links with 10 stages. We do expect in future drilling to try to link in those laterals and add more stages as well. But even with that, we're looking at 7.5 Bcf EURs and the current strip, 57% rate of return with 88% at $5.

Visual upside. On the left side of the screen there is that Utica, the Utica and the Cline. Both of those areas we have tested, done some test that are encouraging, at least very encouraging in the Cline shale. We do have the ability here with acreage being held by production to take a step back and let some of our competitors that are working around us, ensuring they're with [ph] us, go through some of the hard knocks. So that's kind of where we're at with those 2 plays at this point in time. The Upper Devonian, we've done for tests there and very encouraged with it. We're not actively drilling the Upper Devonian because we're holding the Upper Devonian with every Marcellus Shale while we drill. So it's not critical at this point in time with the capital that we have that we deployed it to the Devonian. But we know we have it. We can always come back to it. the infrastructure is going to be in place. The cost structure will be even better by that time.