RRC News: "Range to Arrange Purchase of First Reserve Stock"
Wednesday May 17, 5:31 pm Eastern Time
Company Press Release
FORT WORTH, Texas--(BUSINESS WIRE)--May 17, 2000--RANGE RESOURCES CORPORATION (NYSE:RRC - news) announced today that it has entered into an agreement with First Reserve Corporation (``FRC'') providing it the right to purchase or find buyers for all of FRC's remaining stockholdings in the Company.
Through one of its investment partnerships, FRC originally held 5.5 million shares of RRC's common stock. As of today, that position had been reduced to 3.9 million shares through a series of market transactions.
Pursuant to the agreement, FRC has committed not to sell any shares during the option period except pursuant to the agreement. RRC or its designees can acquire the stock for a price per share of $2.00 plus 50% of the premium over $2.00 reflected in the most recent closing price of the stock. The option may be assigned by the Company to financially sophisticated investors and may be exercised in whole or in part at any time in the next 30 days. Thomas J. Edelman, the Company's Chairman, has committed to purchase a minimum of 250,000 of the Range shares and will seek to assemble purchasers for the remaining stock. These shares are currently included in an effective shelf registration statement of the Company.
RANGE RESOURCES CORPORATION (NYSE:RRC - news) is an independent oil and gas company operating in the Permian, Midcontinent, Appalachian and Gulf Coast regions of the United States.
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Contact:
Range Resources Corporation, Fort Worth
Analysts:
Rodney Waller, 817/870-2601
or
Investor Relations:
Jennifer Hensley, 817/870-2601
www.rangeresources.com
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