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Range Lassoes Memorial Resource for $3.3 Billion

Fort Worth oil and gas explorer Range Resources (RRC) said Monday it agreed to acquire Memorial Resource Development (MRD) in an all stock deal valued at $3.3 billion, expanding its natural gas position into the Gulf Coast while also lowering its debt load.

The deal will also include the assumption of $1.1 billion in net debt at Houston-based Memorial Resource as of March 31.

Range will exchange 0.375 of a share of its stock for each share of Memorial Resource stock valued at $15.75 per share, a...