Range Resources Share News (RRL)

Range Resources' shares surged after saying it remains on track to receive proceeds of 25m dollars from the sale of its Texas assets by the end of August.The oil and gas producer said it noted the recent weakness of its share price but was not aware of any particular even that would have caused the slump."The company remains fully committed to delivering shareholder value from its portfolio of assets and is focused on ramping up production from its large scale operations in Trinidad, where production has increased by over 30% since April, with significant further increases expected as more wells come online and all six rigs get utilised simultaneously, following maintenance upgrades," the group said in a statement. The firm added that well economics have improved with the implementation of reductions in overriding royalty rates on the Morne Diablo and South Quarry fields.The group is in the final stages of completing its reserve based lending facility for Trinidad with key documentation agreed and final completion and draw down expected shortly. Range also announced that it remains committed to pursuing an acquisition of International Petroleum. The acquisition is pending confirmation of the terms of International Petroleum's proposed sale of its Russian assets for cash.Shares rose 3.90% to 2.40p at 10:20 on Friday.RD