WASHINGTON, July 24 (RIA Novosti) – Texas-based oil and gas exploration and production company Range Resources has announced its merger partner International Petroleum is in talks to sell off its Russian assets, business website Interactive Investor reported Wednesday.
The merger was originally announced in April, and will still go ahead, dependent on the outcome of the sale of International Petroleum’s Western Siberian assets which could net the company between $120 and $150 million.
"The proposed asset sale would provide the merged entity with a solid financial position and balance sheet that will allow the combined group to advance and develop its production and highly prospective exploration projects," Interactive Investor quoted Range Resources executive director Peter Landau as saying.
Range Resources pioneered the Marcellus Shale gas field in Pennsylvania, which Range says is the largest gas field in the country, according to Investors.com.
International Petroleum is an Australian gas and oil exploration company with interests in Russia, Kazakhstan and Africa, according to the company website.
