Range Resources Corp., Fort Worth, Texas, (NYSE: RRC) plans to equalize its interests in the Nora Field in southwestern Virginia with its joint-venture partner Equitable Resources Inc., Pittsburgh, (NYSE: EQT) for $315 million. The interests in the field include approximately 1,600 producing wells and more than 300,000 gross acres under lease. Range and Equitable are partners in a newly formed gathering joint venture, and Equitable will continue to operate the producing wells, manage the drilling operations of all future coalbed-methane wells and manage the gathering system. Range will oversee the drilling of formations below the coalbed-methane formation.
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