Thai Company Buys Out Range Resources’ JV in NEPA for $112M
5/25/16 NOTE: Our thanks to a sharp MDN reader (Chris H.) for pointing out we had this story slightly wrong. Banpu is not entering a JV with Range, they are, instead, buying Range’s portion of an existing JV. That is, Range is exiting the JV by selling its share to Banpu. Range was not the operator in the JV acreage–they only owned a piece of the action. Talisman is the operator of the wells and the company that does the drilling.
Range Resources, the company that just committed to buying another driller based in Louisiana for $4.4 billion (see Range Resources Buys Louisiana Driller in Deal Worth $4.4B), has just
gotten itself a joint venture partner/investor in its own Marcellus operations just sold its portion of a joint venture in northeast Pennsylvania. Banpu Pcl, Thailand’s largest coal producer, yesterday invested $112 million in some of to purchase Range’s Marcellus non-operated JV operations in Bradford County, PA. The “Chaffee Corners Joint Exploration Agreement” will give Banpu an ownership share in 62 producing wells and another 14 wells waiting on completion, and a share in 170+ more drilling locations. The wells currently produce an average 21 million cubic feet per day (Mmcf/d) of natgas…