Range has signed a Sale & Purchase Agreement for the disposal of 100% of Range Australia Resources (US) Limited which holds the Company's interests in the East Clarksville and North Chapman Ranch projects in Texas (the "Texas assets") to Citation Resources Limited (Citation). Citation is an ASX-listed oil and gas company, which together with Range holds interests in oil production and exploration assets in Guatemala.

The total value of the consideration for the transaction is approximately AU$1.7 million (approximately US$1.4 million), comprised of a AU$500,000 cash payment to Range, a carry on the Guatemalan assets to the value of AU$830,000, a forgiveness on monies owed by Range to Citation to the value of AU$189,000 and 200 million new ordinary shares in Citation Resources (representing a market value of AU$200,000 on valuation as at the last traded price on 22 December 2014).

Tags: Range Resources Limited