UPDATE 1-Range Resources 2nd-qtr production rises 42 pct

Thu Jul 12, 2012 6:24am EDT

* Q2 production at 719.3 MMcfe/d

* Oil production up 23 pct, natural gas production up 48 pct

July 12 (Reuters) - Natural gas-focused Range Resources Corp said its second-quarter production volumes increased 42 percent, mainly due to drilling in the liquids-rich Marcellus shale.

The Fort Worth, Texas-based company, which sold all of its Barnett shale properties last year to focus on the Marcellus shale, said quarterly production rose to 719.3 million cubic feet equivalent (MMcfe) net per day.

The company's oil production increased by 23 percent while natural gas liquids production rose 20 percent in the second quarter.

Production of natural gas, which made up 80 percent of its total output last quarter, rose by 48 percent.

The company was on track to grow production by 30 to 35 percent this year, Range said in a statement.

Range Resources shares, which have gained 8 percent in the past six months, closed at $58.76 on Wednesday on the New York Stock Exchange.

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