Range pays $85M for Texas properties

Petroleum News

Range Resources, an exploration and production independent headquartered in Fort Worth, Texas, said it has completed the purchase of West Texas oil and gas properties for about $85 million.

The properties encompass 32,000 net acres and are situated adjacent to Range’s Conger field properties in Sterling County. The deal included more than 500 wells with current production of 14 million cubic feet of gas equivalent per day and proved reserves of about 80 billion cubic feet of equivalent.

A 400-mile gathering system that collects and transports from the properties also was acquired, Range said, adding that a development program would be initiated in 2004 to increase production over a three-year period.

“With this acquisition, Range becomes the largest operator in the Conger field with a concentration of 800 wells in the area,” Range President John Pinkerton said Dec. 23. He said that with the acquisition, Range expects to increase production by 10-to 15 percent in 2004.