12/03/2013 - 10:40

Range Resources offloads Texas projects

12/03/2013 - 10:40

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Range Resources offloads Texas projects

Range Resources has announced the sale of its producing Texas oil and gas assets for $US30 million, to fund the ramp up of production at its Trinidad operations.

The ASX and AIM-listed company said it had reached agreement to sell its stake in the North Chapman Ranch and East Clarkville oil fields for $US25 million in cash plus $US5 million in royalty payments.

Range had originally sought to offload the projects late last year but was forced to source alternative suitors after negotiations with interested parties stalled.

Range Resources executive director Pete Landau said the asset sale was consistent with the company’s strategy to accelerate production growth and cash flow at its Trinidad operations.

“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,” Mr Landau said in a statement.

At 10:30AM, WST, Range shares were down 5.4 per cent, trading at 7 cents. 

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