Company Announcement: Range sells Texas assets for US$30m
Range Resources Limited is pleased to 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. Commented Pete Landau, Executive Director for Range, “Along with our recently announced corporate financing and the renewal and restructuring of our Trinidad concessions, divestiture of the Texas assets is consistent with the Company’s stated strategy to accelerate growth of production and cash flow in Trinidad while expanding the Range portfolio within select Latin American markets. Sale of the Company’s Texas properties allows us to monetize significant gains from an area that has already reached payout and to redeploy proceeds from the sale into our core international areas.”
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