Range Resources Corp. reached an agreement in July for the sale of its North Louisiana assets with potential proceeds of up to $335 million, the Fort Worth, Texas-based company said in an Aug. 3 release.

As part of an purchase and sale agreement, Range will divest its North Louisiana assets to Castleton Resources LLC for gross proceeds of $245 million. Castleton Resources also agreed to pay an additional $90 million contingent on future commodity prices.

Range acquired the asset in 2016 through an all-stock merger with Memorial Resource Development, picking up about 220,000 net surface acres in the Terryville Field in Northern Louisiana. The transaction, which included the assumption of $1.1 billion in debt, was valued at about $4.4 billion.

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