Range Resources CEO: Balance Sheet Strongest in Co History

- Range Resources CEO: Balance Sheet Strongest in Co History

Tuesday, July 26, 2011
Dow Jones Newswires
HOUSTON
by Ryan Dezember

Range Resources Chief Executive John Pinkerton said Tuesday that the natural gas explorer's balance sheet, fattened by the recent sale of its Barnett Shale assets, is in the best shape it has ever been in.

Range in May sold some 52,000 acres in the Barnett Shale formation near its headquarters in Fort Worth, Texas, to a private buyer for $900 million. Proceeds went toward paying off debt and accelerating drilling in Pennsylvania's prolific Marcellus Shale formation, which accounts for most of Range's production and spending.

"The Barnett sale was hugely important for our company," Pinkerton told investors during a conference call to discuss Range's second-quarter results. "The proceeds generated by the sale are the catalyst for Range becoming internally funded by the end of 2013," so long as natural gas prices don't collapse.

Range ended the second quarter with $290 million cash on hand, no bank debt and no bond maturities until 2017, Pinkerton said.

Range Resources posted second-quarter net profit of $51.3 million, or 32 cents a share, up from $9.1 million, or 6 cents a share, a year earlier. Excluding items, earnings were 27 cents, up from 9 cents. Revenue jumped 60% to $306.6 million on higher oil and gas sales.

Analysts polled by Thomson Reuters expected a profit of 19 cents on revenue of $262 million.

Shares recently traded 2.1% higher at $65.14.

The Barnett Shale accounted for about 20% of Range's output, but accelerated drilling, primarily in the Marcellus, replaced half of the lost Texas production in the second quarter, Pinkerton said. The remaining half should be replaced this quarter, he said.

Range anticipates third-quarter production rising about 3% year-over-year to the equivalent of 515 million to 520 million cubic feet per day, Pinkerton said. Fourth-quarter growth is expected to rise about 13% to between 606/MMcfe and 611/MMcfe per day.

In 2012, Range expects production to grow 25% to 30%, Pinkerton said.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Petro Vista Completes Private Placement Balance

Petro Vista Completes Private Placement Balance

Tuesday, April 05, 2011

Petro Vista Energy Corp.

Petro Vista announced the completion of the balance of a C$4,000,000 non-brokered private placement previously announced on March 9, 2011 and March 16, 2011. This second tranche of the placement consisted of the sale of 8,250,000 units at a price of C$0.20 per unit for gross proceeds to the Company of C$1,650,000 (the "Offering").

Each unit consists of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one additional common share at a price of $0.30 per common share until April 5, 2014, subject to the Company's right to accelerate the expiry date of the warrants if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds $0.45 for a period of 10 consecutive trading days between August 6, 2011 and April 5, 2014.

Petro Vista paid commissions to finders under the Offering consisting of the issuance of 480,000 units. Each of these units has the same terms as those issued under the Offering. Additionally, the Company has issued 480,000 compensation warrants to finders. Each compensation warrant entitles the holder to acquire one common share at a price of $0.235 per common share until April 5, 2013.

All securities issued under the Offering will be subject to a four-month hold period in accordance with applicable Canadian securities laws that expires on August 6, 2011.
The proceeds of the Offering will be used by the Company primarily to fund the drilling of the Company's M5B exploration / appraisal well and the testing of the Company's M5 discovery well, both located in the Llanos Basin, Columbia and for general working capital.