Range Resources Ltd., West Perth, Australia, (London Aim: RRL) has acquired an additional 8.1875% working interest in its East Texas Cotton Valley project from an undisclosed seller for a total of $148,000.

Range acquired the deal in lease acquisitions and also paid on overriding royalty interest retained by the seller.

Range's participating interest in the shallow oil project now totals 21.75%. Range and its partners are preparing to spud the Ross 3H horizontal appraisal well in the coming weeks. This is the company's first well in the project area.

Range managing director Pete Landau says, "Increasing our interest in this shallow oil appraisal and development project just prior to spudding the next well makes good strategic sense for Range and adds oil reserves in a period of strong crude oil prices. Overall, the project is expected to be an excellent complement to our North Chapman Ranch interests and should result in additional production and cash flow in the near term."