Range Resources uses existing bank loan to fund Permian Basin acquisition

By Sara Rosenberg

New York, April 30 - Range Resources Corp. drew on its existing credit facility to finance the acquisition of a privately held company owning producing oil and gas properties in the Permian Basin for $22.5 million, according to a company news release.

"This transaction fits well within our acquisition strategy as it is located in our largest core operating area and has meaningful development potential. Our technical team has already identified more than 60 recompletion and drilling opportunities which we will begin exploiting shortly," said John H. Pinkerton, president, in the release.

Range Resources is a Fort Worth, Texas, oil and gas company.

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