The company’s participating interest in the shallow oil project now totals 21.75%.

According to Range Resources, the acquisition represents an opportunistic additional investment in the prospect as the company and its partners prepare to spud the Ross 3H horizontal appraisal well in the coming weeks.

Range Resources managing director Pete Landau said that increasing the interest in this shallow oil appraisal and development project just prior to spudding the next well makes good strategic sense for Range and adds oil reserves in a period of strong crude oil prices.

"Overall, the project is expected to be an excellent complement to our North Chapman Ranch interests and should result in additional production and cash flow in the near term," Landau said.