Range Resources said Wednesday that it will sell all its holdings in the Barnett Shale and use the cash to invest in more profitable ventures elsewhere.

The sale by Range, which also reported a loss of $8.2 million, or 5 cents a share, is part of a strategy to invest more heavily in fields that can also produce crude oil or natural gas liquids, which are getting higher prices than natural gas. ...

"Our theory is, we'll take the money out of the Barnett and deploy it in areas" where production includes significant quantities of natural gas liquids, which track oil prices rather than dry natural gas prices, Pinkerton said. He declined to speculate on what the Barnett Shale properties might sell for, but said the Barnett accounts for about 25 percent of Range's production.

Pinkerton said he expects a sale can be completed sometime in the first quarter. "We think we can make up the lost reserves by the end of 2011." ..."

http://www.star-telegram.com/2010/10/27/2582272/range-resources-to-...
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