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Range Resources expands to Gulf Coast with closing of $4.2B Memorial merger

RangeResources Corp. completed its merger with Memorial Resource Development Corp. for $4.2 billion, includingthe assumption of net debt.

The deal was approved by Range Resources and Memorialshareholders Sept. 15, according to a Sept. 16 news release. The merger isexpected to expand Range Resources' footprint to Northern Louisiana, adding toits Marcellus-focused core acreage positions.

Memorial's common stock has been delisted from Nasdaq,and Memorial shareholders have received 0.375 Range shares for each Memorialshare they hold, according to the terms of the merger agreement.

"The combination of the two highest qualitynatural gas plays in the United States provides Range with a strong foundationto create sustainable shareholder value, while our extensive,regionally-diverse drilling inventory allows us to continue improving ouralready class-leading cost structure and further drive operational andmarketing efficiencies," said Jeff Ventura, CEO of Range Resources.