LONDON (Dow Jones)--Range Resources Limited (RRL.LN) said Wednesday that at its Russell Bevly No.1 appraisal well, part of the North Chapman Ranch Joint Venture's multi-well program in Texas, after drilling to a revised Total Depth of4,337 meters, the operator has concluded open hole logging operations that indicate the presence of 130 ft. of net oil and gas pay in the Howell Hight formation. MAIN FACTS: -This exceeds the net pay thickness of the Smith No.1 discovery well (Range interest - 25%) and identifies a new, potentially productive interval. -The well is currently being equipped with 4 1/2" production casing. -The Russell Bevly No.1 confirms the Company's structural and stratigraphic models across the northwestern flank of the field, which formed the basis of the recently released reserve report. -Once completed for production, and depending upon final production test data, the well is expected to add significant Proved Reserves, production, and cash flow to Range's Texas operations. -Will continue to look for ways to optimize drilling and completion operations in order to keep downward pressure on finding and development costs. -Shares closed Tuesday at 4.9 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com (END) Dow Jones Newswires June 30, 2010 03:00 ET (07:00 GMT)