Range Resources Corp. announced that it has reached a decision agreeing to sell its tight gas-sand properties in Ohio to EV Energy Partners LP (EVEP) and some institutional partnerships managed by EnerVest Ltd. for $330 million.

In addition, EV Energy Partners revealed that it would pay $151.8 million to Range Resources for a 46.15 percent stake in the Appalachian basin oil and gas properties.

The Ohio properties are reported to include nearly 3,300 producing wells with net production of about 25 million cubic feet equivalent per day.

Current production is revealed to be 70% natural gas and 30% oil, and the properties include about 418,000 acres of leasehold and about 1,600 miles of pipeline and gathering infrastructure.

"It provides EVEP with additional long-life base production and development drilling opportunities," said John Walker, CEO of EV Energy.

The company speculates its sale to close in late March, based on normal closing conditions and purchase-price adjustments.

The company revealed that the sale is the latest in a series of moves Range began "several years ago" to focus on and fund its core projects by selling off non-core assets and more mature properties.