Range Resources Corporation (RRC) has signed a definitive agreement with EV Energy Partners, L.P. and certain institutional partnerships managed by EnerVest, Ltd. to sell its tight gas sand properties in Ohio for a purchase price of $330 million. The sale is expected to close in late March and is subject to customary closing conditions and purchase price adjustments.
Several years ago, Range began to sell non-core properties with the goal of providing additional capital for its higher return projects. In addition, by divesting of its more mature properties, Range strengthens its low-cost structure and focuses its operations. As part of its asset divestiture process, in the second quarter of 2009, Range sold its Fuhrman Mascho Field properties in
Commenting on the announcement, John Pinkerton, Range’s Chairman and CEO, said, “The sale of the