Range Resources to Sell Barnett Shale Properties

Range Resources has signed a definitive agreement with a private firm to sell its Barnett Shale properties in the Fort Worth Basin, US, for $900m.

The properties include 390 producing wells, covering 210km², that have a current production capacity of 113 million cubic feet equivalent per day.

A portion of the sale’s proceeds from the Barnett Shale properties will go towards Range Resources’ 2011 capital budget.

The firm also announced a 2011 capital expenditure budget of $1.38bn, including a drilling and recompletions budget of $1.13bn.

Range Resources will also spend $160m on land, $55m on seismic studies and $35m on pipelines and facilities.