ITEM 2. Acquisition
or Disposition of Assets.
On
December 23, 2003,
Range Resources Corporation (the “Company’) issued a press release announcing the
purchase of certain West Texas oil and gas
properties from Wagner & Brown, LTD. A copy of the press release is being furnished
as an exhibit to this report on Form 8-K.
The
acquisition was consummated in accordance with the terms of a Purchase and Sale
Agreement dated December 23,
2003 by and between Wagner & Brown, LTD., Canyon Energy
Partners, LTD., and Intercon Gas, Inc., as sellers and the Company. Attached hereto as Exhibit 2.1 is the Purchase
and Sale Agreement between Wagner Brown, LTD and Range Production I, L.P. The acquisition will be funded with
borrowings under the credit facility.
ITEM
7. Financial Statements and
Exhibits.
(c) Exhibits:
2.1
Purchase and Sale Agreement, dated December 23, 2003,
by and between Wagner & Brown, LTD, Canyon Energy Partners, LTD, and
Intercon Gas, Inc., as sellers and Range Production I, L.P. as purchaser.
99.1 Press Release dated December 23, 2003
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
RANGE
RESOURCES CORPORATION
Roger
S. Manny
Chief Financial Officer
Date: January 5, 2004
EXHIBIT INDEX
Exhibit Number Description
2.1
Purchase and Sale Agreement, dated December 15, 2003, by and between
Wagner
& Brown, LTD, Canyon Energy Partners, LTD and Intercon Gas, Inc., as
sellers and Range Production I, L.P., as purchaser.
99.1
Press Release dated December 23, 2003
EXHIBIT 99.1
NEWS RELEASE
RANGE COMPLETES WEST TEXAS
ACQUISTION
FORT WORTH, TEXAS,
DECEMBER 23, 2003…RANGE
RESOURCES CORPORATION (NYSE: RRC) today announced the completion of its previously
announced acquisition of West Texas oil and
gas properties. The purchase price
should approximate $85 million after normal post closing adjustments made
during the next 60 days. The acquisition
was funded with borrowings under the Company’s bank credit facility.
The properties, which encompass 38,000 gross (32,000
net) acres of leases, are adjacent to the Company's Conger Field properties in Sterling County of West Texas. Included are more than 500 wells with current
net production in excess of 14 Mmcfe per day.
Proved reserves attributed to the properties approximate 80 Bcfe. An associated 400-mile gathering system that
collects and transports the properties' production also was acquired. A development program will be initiated in
2004 to increase production over the course of the next three years.
Commenting, John H. Pinkerton, Range President
stated, “With this acquisition, Range becomes the largest operator in the
Conger Field with a concentration of more than 800 wells in the area. Given the recent success of our drilling
program and the benefits of this acquisition, we now anticipate production to
increase by 10% to 15% next year.”
RANGE
RESOURCES CORPORATION (NYSE: RRC) is an independent oil and gas company operating in
the Permian, Midcontinent, Gulf Coast and Appalachian regions of the United States.
Except for historical information, statements made in this release,
including those relating to anticipated debt reduction, economies of scale,
capital expenditures, reserve replacement, and production rates are
forward-looking statements as defined by the Securities and Exchange
Commission. These statements are based
on assumptions and estimates that management believes are reasonable based on
currently available information; however, management’s assumptions and the
Company’s future performance are subject to a wide range of business risks and
uncertainties and there is no assurance that these goals and projections can or
will be met. Any number of factors could
cause actual results to differ materially from those in the forward-looking
statements, including, but not limited to, the volatility of oil and gas
prices, the costs and results of drilling and operations, the timing of
production, mechanical and other inherent risks associated with oil and gas
production, weather, the availability of drilling equipment, changes in
interest rates, litigation, uncertainties about reserve estimates, and
environmental risks. The Company
undertakes no obligation to publicly update or revise any forward-looking
statements. Further
information on risks and uncertainties is available in the Company’s filings
with the Securities and Exchange Commission, which are incorporated by
reference.
2003-30
Contact: Rodney Waller, Senior Vice
President
Karen Giles
(817) 870-2601
www.rangeresources.com
