Legend Natural Gas partnerships (Legend) has purchased Range Resources Corporation's Barnett Shale assets in Fort Worth Basin, US for $900m.

The transaction has been funded through its equity sponsor Riverstone Holdings.

The Barnett assets include 390 producing wells and approximately 52,000 net acres, while daily net production from the properties stood at 13 Mmcfe per day (86% gas) as of February 1, 2011.

Also a new holding company, Legend Production Holdings (Legend Production) has been formed by combining three existing Legend partnerships.

Legend Production and its affiliated partnerships also secured a $1.5bn loan from Wells Fargo Securities and J.P. Morgan Chase to fund future growth opportunities.

Legend is comprised of Legend Natural Gas II, LP, Legend Natural Gas III, LP and Legend Natural Gas IV, LP.