By OGJ editors
HOUSTON, June 8 -- Range Resources Corp., Fort Worth, has agreed to acquire oil and gas properties in the Permian basin for $116.5 million through its purchase of privately held Plantation Holdings II LLC. The acquisition is expected to replace about 90% of Range's 2005 production.
Range estimates the properties' proved reserves at 77 bcfe, of which 82% is natural gas, 62% proved developed.
The properties' 58 wells produce 7 MMcfed (net) from multiple formations at 2,500-8,500 ft.
Range has identified 58 proved recompletion and drilling prospects and several unproved prospects. It will begin a drilling and recompletion program aimed at doubling production by yearend 2006.
Range will own a 100% interest and operate the properties upon completion of the transaction, scheduled for June 30.
