Range Resources sold all their Texas assets but no money has shown up on the portfolio and investors are wondering where the cash is.
…Range had removed its Texas assets from the portfolio resources statement included in the announcement, and blamed this for the declining share price.
The Texas assets were meant to have been sold in a $30 million (£18.1 million) deal finalised in August 2013, but payment has not been received to date, and many investors are beginning to lose hope of ever seeing the cash.
“I’m in the camp that [believes] the Texas money isn’t coming,” commented user ‘Dutchgold’. “I hope wrong but on form the odds would be in my side.
I’m guessing, based on this excerpt from a letter received by a Parker County resident who is Steve Lipsky’s neighbor, that any Texas money might be needed for remediation. Larger version.
If nothing needs remediation, why send residents to the Site Remediation department?
Come learn more about what’s happening to water in Steve Lipsky’s neighborhood.