Independent oil and gas company Range Resources Corp. (RRC) Monday said that it has signed a definitive agreement with EV Energy Partners, L.P. (EVEP) and certain institutional partnerships managed by EnerVest, Ltd. to sell its tight gas sand properties in Ohio for $330 million. The sale is expected to close in late March and is subject to customary closing conditions and purchase price adjustments.
The Fort Worth, Texas-based company noted that the Ohio properties include about 3,300 producing wells with net production of approximately 25 Mmcfe per day with current production of 70% natural gas and 30% oil. The properties include about 418,000 net acres of leasehold and about 1,600 miles of pipeline and gathering system infrastructure.
The company stated that the acquisition is comprised of wells primarily producing from the Clinton and Medina formations, with substantially all of the proved reserves and production in Ohio.
John Pinkerton, chairman and CEO said, "The sale of the Ohio properties will help streamline our business and provide additional flexibility in implementing our 2010 capital spending program. Importantly, we are well positioned to deliver another year of double-digit production and reserve growth on a per share basis, while maintaining our strong financial position."
Range began to sell non-core properties with the goal of providing additional capital for its higher return projects. The company by divesting of its more mature properties, strengthens its low-cost structure and focuses its operations.
Range as part of its asset divestiture process, concluded the sale of its West Texas Fuhrman Mascho properties located in Andrews County, Texas for $182 million in July 2009 and used the proceeds from the sale to pay down the outstandings on company's revolving bank credit facility.
In November, Spectra Energy Corp.'s (SE) Texas Eastern Transmission L.P. executed a binding agreement for a minimum of 150 million cubic feet per day or Mmcf/d of firm transportation capacity with an affiliate of Range Resources Corp. (RRC) to bring new supplies of Appalachian natural gas to premium markets in the Northeast United States.
Separately, EV Energy Partners said that it has signed an agreement to acquire oil and natural gas properties in the Appalachian Basin from Range Resources and it would acquire a 46.15% interest in the assets for $151.8 million.
RRC is currently trading at $46.89, up $0.47 or 1.01% on a volume of 1.08 million shares on the NYSE.
EVEP is currently trading at $29.33, up $0.27 or 0.94% on a volume of 16,100 shares on the Nasdaq.
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