Range Resources to Sell Texas Shale Assets for $900 Million
Range Resources Corp., the natural- gas producer that is one of the biggest landholders in the Marcellus Shale field in Pennsylvania, said it will sell 52,000 acres in the Barnett Shale in Texas for $900 million.
The property includes 390 producing wells with a capacity of 113 million cubic feet per day, Range said in a statement. The buyer’s name wasn’t announced because it is a private company, Karen Giles, a spokeswoman for Range, said in an interview. Range, based in Fort Worth, Texas, will retain some acreage in the Barnett Shale valued at about $50 million.
Range plans concentrate 86 percent of its $1.4 billion in 2011 capital spending in the Marcellus Shale.
The Barnett Shale sale is expected to close in April, and Range will sell another $200 million to $250 million worth of property during the next 12 months, according to the statement.
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