Legend to spend $1B on oil and gas properties

AP News
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Posted: Mar 03, 2011 4:48 PM
Legend to spend $1B on oil and gas properties

A natural gas partnership says it will spend about $1 billion to acquire oil and natural gas properties.

The purchases by Legend Natural Gas IV LP of Houston include $900 million for properties in Texas that it is buying from Range Resources Corp. The properties include 390 producing wells and about 52,000 acres.

That deal is expected to close in late April and will be effective Feb. 1.

It is also buying a majority interest in wells from Smith Production Inc. for $99.2 million in Starr and Hidalgo Counties in Texas. The properties include 83 wells on 7,200 acres. That deal is expected to close later this month and will be effective Jan. 1, 2011.