According to Bloomberg, Range Resources Corporation will be purchasing natural-gas and oil properties in the Barnett Shale for $305 million. This will increase Range's Barnett Shale production to more than 90 million cubic feet of gas a day (or the the equivalent thereof).
The properties include 51 producing wells and 183 potential drilling locations. They are currently producing the equivalent of 14 million cubic feet of gas a day, and will likely to increase the output to 18 million cubic feet in the first quarter of next year.
According to a 2005 report prepared for the U.S. Energy Department, this region may contain 39 trillion cubic feet of recoverable gas. This is about 50 percent more than the department's 2004 estimate.
Range is buying the properties from DTE Energy Co. and another unidentified company. The sale is expected to close next month and will earn DTE a 77 percent profit.
Last year, Range bought Stroud Energy Inc. for about $347 million. Stroud is also Barnett Shale producer.
Information from the Real Estate Center at Texas A&M University
This information indicates that there is even more natural gas available in the area. Take care to make sure that you are educated about mineral rights in your area and whether you actually have them. If you do, do you want to sell them when you sell your home?
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