Range Resources sells west Texas properties

AP News
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Posted: Dec 03, 2009 3:08 PM

Oil and gas company Range Resources Corp. said Thursday it has sold west Texas properties for about $182 million as part of its sale of assets.

The Fort Worth, Texas-based company began selling noncore properties several years ago to raise capital for its higher return projects, the company said. By divesting its older properties, Range said it also is strengthening its low-cost structure.

In the second quarter, Range sold its Fuhrman Mascho Field properties in west Texas, and has recently decided to offer for sale its tight gas sand properties in Ohio.

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The properties include about 3,500 producing wells with net production of 25 millions of cubic feet equivalent per day. Production is 70 percent natural gas and 30 percent oil.

Shares rose 9 cents to $47.52 in afternoon trading.