Range Resources (NYSE:RRC) said today it has signed a definitive agreement with EV Energy Partners (EVEP) and certain institutional partnerships managed by EnerVest, to sell its tight gas sand properties in Ohio for $330 million.
Range Resources said the same will likely close in late March.
The assets include 3,300 producing wells, currently producing 70 percent nat gas and 30 percent oil, as well as 418,000 net acres of leasehold and 1,600 miles of pipeline.
Range began to sell non-core properties several years ago to provide capital for higher return projects.
Range Resources shares are trading higher by a little over eight tenths of a Monday, while EV Energy Partners shares are trading higher by almost three quarters of a percent.
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