Recent Asset Sale AgreementRange recently entered into an agreement to sell certain of its Permian Basin properties in southeast New Mexico and West Texas for a purchase price of $275 million. The sale is expected to close in April and is subject to customary closing conditions and purchase price adjustments. The properties being sold consist of approximately 7,000 net acres that are currently producing approximately 18 Mmcfe per day with approximately 70% being natural gas and 30% oil and NGLs. With this sale, the Company will have sold $2.3 billion in assets since 2004 while focusing its resources and personnel on the highest rate of return projects in the portfolio.
Range Reports Outstanding 2012 Results
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