December 10, 2007 / 11:21 AM / 11 years ago

Range Resources to buy Barnett Shale properties

Dec 10 (Reuters) - Range Resources Corp (RRC.N), an independent oil and gas producer, said it agreed to acquire producing and nonproducing Barnett Shale properties from a unit of DTE Energy Co (DTE.N) and a private company for $305 million.

The properties comprise about 14,000 net acres, 73 percent of which is held by production. Current production is 14 million cubic feet of natural gas equivalent (Mmcfe) per day and is expected to increase to about 18 Mmcfe per day in the first quarter, the company said in a statement.

The company said its fourth-quarter production will exceed the high end of its previous forecast of 333 Mmcfe to 335 Mmcfe per day due to the success of its drilling program. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Deepak Kannan)

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