Eric Watkins
Senior Correspondent
LOS ANGELES, Apr. 2 -- Japan's Itochu Corp. said it has obtained concessions in 15 natural gas fields in the Gulf of Mexico by acquiring properties belonging to Range Resources Corp.
Separately, Range said it had sold its Gulf of Mexico properties, which includes its interests in 37 platforms in 11-240 ft of water, for $155 million.
At yearend 2006, Range estimated that the properties contained proved reserves of 40 bcf of gas equivalent. It characterized the division's wells as having "high initial rates and relatively short reserve lives."
Contact Eric Watkins at [email protected].
