Range Res. Completes Sale of VA Assets to EnerVest, 55 Lose Jobs

In November MDN reported that Range Resources would sell 3,500 operated wells and approximately 460,000 net acres in the Nora/Haysi combined fields located in southwestern Virginia for $876 million to an unnamed buyer (see Range Sells Coal Bed Methane Wells in VA, Focusing on Marcellus). The stated reason for the sale is to pay down debt and use the money for more Marcellus drilling. The deal is done and dusted. The final price turned out to be $865 million, $11 million less than announced. Although Range has remained tight-lipped about who the buyer was, EnerVest admitted they are the buyer. At the time Range first announced the impending sale, they issued a WARN notice that up to 158 people would lose their jobs when the sale was completed (see 158 Range Resources Employees in SW VA May Lose Jobs by Dec 30). The sale was completed on Dec. 30, but fortunately not all 158 jobs were axed. “Only” 55 jobs were axed while 103 people were extended offers to work for EnerVest. Of course the 55 people who lost their jobs had a sucky Christmas…

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