Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/range-resources-reaches-on-total-cash-consideratio.shtmlRange Resources reaches on total cash consideration for Texan assets
Range Resources Limited announce the following update with
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Range Resources Limited announce the following update with respect to the sale of its Company's Texan assets.
• Agreement reached on total cash consideration of US$30m with US$25m payable at closing plus $US5m in royalty payments from future production
Earlier this year, the Company looked to source alternative suitors for the Texan assets following the delays in completing a sale of the assets to parties identified in late 2012. Range is pleased to announce that it has now reached an agreement to sell its Texas producing assets for cash payments totaling $US30 million.
Subject to final due diligence, the Company will sell its interest in the North Chapman Ranch and East Clarksville fields for $US25 million in cash at Closing plus $US5 million in royalty payments from future production with closing expected to occur in the coming weeks.
