Company Announcement: Range sells Texas assets for US$30m
This article has been supplied.
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.”
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Established in 1983, the ASTPM is an industry association and representative body of the welded carbon steel tube and pipe manufacturers of South...
VISIT SHOWROOM
Virtual Gas Network supplies compressed natural gas via a virtual gas distribution network.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
