Range Sells Haynesville Assets to Japan for “Pennies on the Dollar”

Range Resources has cut a deal to sell its Haynesville Shale assets (220,000 acres plus the wells they've drilled since buying those assets) to Castleton Resources, a privately owned company majority-owned by Tokyo Gas, for $245 million (plus an extra $90 million, maybe, contingent on the price of gas). Range bought those assets in 2016 for $4.4 billion (see Range Resources Buys Louisiana Driller in Deal Worth $4.4B). Yeah, Range just took a bath, selling their Haynesville assets for pennies on the dollar...

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