Range Resources (RRC)

[dan_s]

This merger is a BIG DEAL. IMO it creates the #1 company for natural gas and NGLs in the world. RRC is my all-time best Sweet 16 pick. It was added to the Sweet 16 in 2003 at about $3/share. This is a merger of two of the best technical teams in the business. RRC also has an outstanding marketing group. - Dan

FORT WORTH, Texas, Sept. 15, 2016 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION “Range” (NYSE:RRC) today announced that its stockholders overwhelmingly approved the issuance of Range common stock necessary for Range to acquire Memorial Resource Development Corp. “MRD” (NASDAQ:MRD). At Range’s special meeting held earlier today, approximately 87.0% of the outstanding shares of Range common stock were voted and of those shares voted, approximately 99.3% voted in favor of the issuance of common stock to acquire MRD.

The stockholders of MRD also approved the merger with Range at Memorial’s special meeting held earlier today. Approximately 86.2% of the outstanding shares of Memorial common stock were voted and of those shares, approximately 98.0% approved the merger.

With the receipt of both sets of required stockholder approvals, the transaction is expected to close Friday, September 16, 2016.

As previously announced on May 16, 2016, Range and MRD entered into a definitive merger agreement under which Range would acquire all of the outstanding shares of common stock of MRD in an all-stock transaction.

RANGE RESOURCES CORPORATION (NYSE:RRC) is a leading U.S. independent oil and natural gas producer with operations focused in stacked-pay projects in the Appalachia Basin and Northern Louisiana. The Company pursues an organic growth strategy targeting high return, low-cost projects within its large inventory of low risk development drilling opportunities. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.

[jb2257]

I'm waiting to see where RRC bottoms out before jumping in. It's on a slippery slide down right now along with the whole energy sector.

[dan_s]

When the high quality "gassers" like RRC, AR, GPOR and GPOR go down with the price of oil it is a great buying opportunity. These companies have very little exposure to oil prices.

As I pointed out at the luncheon, low oil prices are actually bullish for natural gas and NGL. Falling "associated gas" in the oil shale plays is what is creating a tighter gas market in the U.S.