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EV Energy buying Ohio assets from Range Resources

By OGJ editors
HOUSTON, Feb. 8 – EV Energy Partners LP and institutional partnerships managed by EnerVest Ltd. agreed to buy a stake in tight gas sands properties in Ohio from Range Resources Corp. for $330 million, Range Resources announced.

The sale is expected to close in late March. EnerVest will receive a 53.85% interest in the properties.

Range Resources of Fort Worth, Tex., began selling noncore properties several years ago to provide capital for its higher-return projects.

The Ohio properties include 3,300 producing wells with net production of 25 MMcfd equivalent of gas. Current production is 70% gas and 30% oil. The properties include 418,000 net acres of leasehold and 1,600 miles of pipeline and gathering systems.

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