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

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April 30 (Bloomberg) -- Range Resources Corp. 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

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