Range Resources has announced that it has reached the 400 million cubic feet of gas equivalent per day (Mmcfe) milestone.

In a statement, the group said that it anticipates that fourth quarter production will be in the target range of 400 to 405 Mmcfe.

John Pinkerton, Range's chairman and chief executive officer, said that it was a "terrific" accomplishment for the company.

"The drilling program has been the principle driver for our growth as we have focused on lower cost drilling versus higher cost acquisitions," he said, adding that because of this, the company has been able to sustain its low cost structure.

He said that this was critical to successful operations in today's energy industry.

Range is an independent oil and gas firm which operates in the Southwestern, Appalachian and Gulf Coast regions of the US.

In other recent announcements, the group confirmed earlier this week that a dividend of $0.04 per share would be issued on its common stock.


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