Castleton Resources LLC has agreed to acquire the Terryville upstream assets in Northern Louisiana from Range Resources Corp. subsidiaries for $245 million plus the potential for $90 million in additional proceeds contingent on future commodity prices. At the time of the agreement, the assets were producing 160 MMcfed, Range said as part of its second quarter report released Aug. 3. 

Under the terms of the agreement, Range will retain certain midstream commitments through their remaining term. Range said it intends to use $28.5 million of the sale proceeds to reduce a portion of the retained commitments. 

Read Full Article Here >>