facebook
twitter
rss
account
search
search
 

Range Resources buying Stroud Energy

May 11, 2006 at 4:29 PM   |   Comments

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.

© 2006 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Destroyers with ballistic missile defense capability heading to Japan Destroyers with ballistic missile defense capability heading to Japan
2
Little girls drop F-bombs for feminism in new FCKH8 video Little girls drop F-bombs for feminism in new FCKH8 video
3
Warren Buffett loses $2 billion in 2 days on investments Warren Buffett loses $2 billion in 2 days on investments
4
Texas plant converts CO2 to baking soda Texas plant converts CO2 to baking soda
5
Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal
Trending News
Around the Web
x
Feedback