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.
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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.
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By GlobalData
