Range Resources and EQT Corp. Agree to Swap Gas Drilling Acreage

Range Resources Corp. (RRC) and EQT Corp. agreed to swap more than 200,000 acres of drilling properties, giving Range full ownership of a methane production field in Virginia.

EQT will give Range its interest in 138,000 net acres in Virginia’s Nora Field, primarily producing coal-bed methane, along with a gas-gathering system. Fort Worth, Texas-based Range will also receive $145 million in cash, it said in a statement.

Range will give EQT about 73,000 net acres in Texas’ Permian Basin, along with wells in Glasscock and Sterling counties in Texas, Pittsburgh-based EQT said in a statement. EQT mainly produces natural gas in Appalachia.

The transaction is expected to close in the second quarter, Range said.

To contact the reporter on this story: Alex Nussbaum in New York at anussbaum1@bloomberg.net

To contact the editors responsible for this story: Susan Warren at susanwarren@bloomberg.net Jasmina Kelemen, Tina Davis

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.