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Market: NYSE
Sector: Oil & Gas Exploration & Production
Epic: NYSE:RRC
News: Latest news
Web Site: Range Resources Corporation
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Range Resources Corporation

Range Resources Corporation

Range Resources Corporation is an independent oil and gas company operating in the Southwestern and Appalachian regions of the United States.

Monday, February 08, 2010

Range Resources Corp sells tight gas operations in Ohio for US$330 million

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Mid-tier oil and gas exploration and production company, Range Resources Corporation (NYSE: RRC) has announced the divestment of its tight gas sand properties in Ohio for US$330 million to EnerVest Limited and EV Energy Partners (NASDAQ: EVEP).


Range has been selling off a number of its mature, non-core properties to boost investment in higher return projects.  Last year, the company sold its Fuhrman Mascho Field in Texas for US$182 million.


The Ohio properties include 418,000 net acres of leasehold, 1,600 miles of pipelines and approximately 3,300 producing wells with net production of approximately 25 million cubic feet equivalent per day. Current production is 70% natural gas and 30% oil.


"The sale of the Ohio properties will help streamline our business and provide additional flexibility in implementing our 2010 capital spending program,”  John Pinkerton, Range's Chairman and CEO, said, “Importantly, we are well positioned to deliver another year of double-digit production and reserve growth on a per share basis, while maintaining our strong financial position."


At December 31, 2009, Range had $1.71 billion of total debt, including $1.38 billion of 10-year subordinated notes and $324 million of bank debt.


Last week, the Texas based group reported record production volumes in the fourth quarter of 2009. Production increased by 13% to 457 million cubic feet equivalent per day. The Company also announced that its preliminary fourth quarter 2009 oil and gas price realizations averaged $6.59 per thousand cubic feet.

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