Range Resources Corp., Fort Worth, (NYSE: RRC) plans to acquire properties in the Barnett shale Fort Worth Basin from DTE Energy, Detroit, (NYSE: DTE) and an undisclosed private company for a total of $305 million. DTE announced the deal last week but the buyer was not identified then. Range has identified several noncore properties from its existing property base that it plans to sell in 2008 to help fund the acquisition. Production from the acquired properties is expected to offset production lost through these property sales.
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