Range Resources Corp. has retained RBC Richardson Barr to sell all of its conventional assets in the Appalachian Basin.
The package includes an average 91% working interest (79% net revenue interest) in 418,000 net acres (92% held by production) primarily in Ohio with minor properties in Pennsylvania and Michigan. The assets include 3,462 active wells (99% operated) producing from the Lower Silurian Clinton/Medina sandstone with additional production from the Knox (Beekmantown and Rose Run) and Oriskany formations.
Production is 24.5 million cubic feet equivalent per day (70% gas). Total proved reserves are 239 billion cubic feet equivalent (133 billion equivalent proved developed producing; 120 billion equivalent probable and possible). The reserves-to-production ratio is 14.9 years.
Upside includes 947 proved undeveloped locations and 1,085 probable and possible locations in addition to behind-pipe recompletions. Unquantified upside potential includes Knox targets and Devonian and Utica shales.
In addition, assets include 1,600 miles of operated pipeline and gathering system infrastructure; a 50% ownership in Whipstock Natural Gas Services LLC, which owns 10 drilling and 17 service rigs as well as other heavy oilfield equipment; and a fully equipped and staffed headquarters in Ohio and three additional field offices.
The data room will open Jan. 4. The bid due date is Jan. 29. The effective date is Jan. 1. Closing is expected by March 1. Contact Don Cordier, 713-585-3300, don.cordier@rbccm.com
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