AUSTIN, May 1, 2014 -- April 30, 2014 ? EQT Corporation (NYSE: EQT) today announced an asset exchange agreement with Range Resources wherein EQT will receive approximately 73,000 net acres in the Permian Basin, including approximately 900 producing wells in Glasscock and Sterling Counties, Texas. This Permian Basin acreage has multiple horizontal, stacked pay drilling opportunities in the Upper Wolfcamp, Lower Wolfcamp, and Cline horizons. In exchange, Range will receive EQT’s interest in 138,000 net acres and the supporting gathering system in the Nora Field of Virginia, giving Range 100% ownership of these Nora assets. In addition, Range will receive $145 million cash, subject to customary closing adjustments.
Baker Botts represented EQT in the exchange transaction.
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