Here’s an admission of the possible hazards by the industry

Range Resouces Corporation (hydrofrackers) filed this with the SEC in 2006 as part of their prospectus:

Our business is subject to operating hazards and environmental regulations that could result in substantial losses or liabilities Oil and natural gas operations are subject to many risks, including well blowouts, craterings, explosions, uncontrollable flows of oil, natural gas or well fluids, fires, formations with abnormal pressures, pipeline ruptures or spills, pollution, releases of toxic natural gas and other environmental hazards and risks. If any of these hazards occur, we could sustain substantial losses as a result of: • Injury or loss of life; • Severe damage to or destruction of property, natural resources and equipment; • Pollution or other environmental damage; • Clean-up responsibilities; • Regulatory investigations and penalties; or • Suspension of operations. As we begin drilling to deeper horizons and in more geologically complex areas, we could experience a greater increase in operating and financial risks due to inherent higher reservoir pressures and unknown downhole risk exposures.

Source:Range Resources Prospectus

One Response to Here’s an admission of the possible hazards by the industry

  1. […] By the way, Range Resources (like other companies) has pretty much admitted as much about their ignorance of what is happening down below in its SEC filing for investors, where they have to inform them of risks. See the last sentence especially that states: “As we begin drilling to deeper horizons and in more geologically complex areas, we could experience a greater increase in operating and financial risks due to inherent higher reservoir pressures and unknown downhole risk exposures” (emphasis added). https://frackmountain.wordpress.com/2010/04/10/heres-an-admission-of-the-hazards-by-the-industry/ […]

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