Range sells interest in Marcellus leases for $300M
Wednesday, October 17, 2018
On Monday, Range Resources Corp. agreed to sell overriding royalty interest in Marcellus shale leases located in Washington County, Pa., according to Oil and Gas Investor.
According to the company’s news release, it signed and closed the agreement to sell a proportionately reduced 1 percent overriding royalty in its Washington County leases for gross proceeds of $300 million to an undisclosed buyer.
According to Range’s website, it pioneered the Marcellus Shale in Washington County with the successful drilling of the Renz #1 well in 2004.
Learn more: Oil and Gad Investor > Range sells interest in prized Marcellus leases for $300 million
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.