Range Resources to draw on existing facility for Stroud purchase

By Sara Rosenberg

New York, May 11 - Range Resources Corp. plan to use funds available under its existing credit facility to help fund the acquisition of Stroud Energy Inc. for about $450 million, including about $82 million in assumed debt, according to a company news release.

Under the transaction agreement, Stroud's stockholders may elect to receive, in exchange for their shares of Stroud stock, 100% in Range stock, 100% in cash, or 50% in Range stock and 50% in cash.

The acquisition is subject to approval by the shareholders of Stroud and other customary closing conditions, and is expected to close in late June.

Range Resources is a Fort Worth, Texas-based independent oil and gas company. Stroud is also a Fort Worth, Texas-based independent oil and gas company.

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