Range Resources Corp. (RRC:US) and EQT Corp. agreed to swap more than 200,000 acres of drilling properties, giving Range full ownership of a methane production field in Virginia.
EQT will give Range its interest in 138,000 net acres in Virginia’s Nora Field, primarily producing coal-bed methane, along with a gas-gathering system. Fort Worth, Texas-based Range will also receive $145 million in cash, it said in a statement.
Range will give EQT about 73,000 net acres in Texas’ Permian Basin, along with wells in Glasscock and Sterling counties in Texas, Pittsburgh-based EQT said in a statement. EQT mainly produces natural gas in Appalachia.
The transaction is expected to close in the second quarter, Range said.
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