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Range Resources Confirms Sale Of Texas Assets

Range Resources (ASX:RRS, LON:RRL) has confirmed the sale of its assets in Texas to Citation Resources Ltd has now completed.

The AIM quoted oil firm has now received a AU$500,000 cash payment.

It also benefits from an AU$830,000 'carry' on projects in Guatemala, and forgiveness on money owed to Citation totalling AU$189,000.

Range also receives 200mln new shares in Citation as part of the deal.

The company also now has the right to appoint a director to the board of Citation Resources, for as long as it owns at least 100mln shares.

The sale comes as Range focusses on its core assets in Trinidad.

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