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.
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