Range Resources said Wednesday that it will sell all its holdings in the Barnett Shale and use the cash to invest in more profitable ventures elsewhere. The sale by Fort Worth-based Range, which also reported a loss of $8.2 million, or 5 cents a share, is part of a strategy to invest more heavily in fields that can also produce crude oil or natural gas liquids, which are getting higher prices than natural gas.
Also Wednesday, EnerVest Ltd. said it agreed to pay $967 million for the Barnett Shale properties of Dallas-based Talon Oil & Gas. EnerVest, based in Houston, said the properties produce 87 million cubic feet of gas a day from 212 wells and have 1.1 trillion cubic feet of reserves. EnerVest expects to close the transaction by year's end.
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-- Bob Cox