Range Resources buying Stroud Energy

May 11, 2006 at 4:29 PM

FORT WORTH, Texas, May 11 (UPI) -- Range Resources Corp. will pay $450 million for Stroud Energy Inc. of Fort Worth, Texas, in a deal set to close next month.

Upon closing, Range will own about 35,300 net acres in the Barnett Shale, a reference to a petroleum-rich geological stratum that Range intends to exploit, the Dallas Business Journal reported Thursday.

"Nearly all" of Stroud's workers will transfer to Range, which is assuming about $82 million in debt to acquire Stroud, the newspaper said.

Like Us on Facebook for more stories from UPI.com  
Latest Headlines
Top Stories
Finland orders anti-tank weapon from Saab
Orbital ATK's artillery guidance kit passes milestone test
Oil prices drop on Greek, Iran concerns
Fourth MUOS arrives in Florida for August launch
North Dakota rig data suggests stability