By December 31, 2015 Read More →

Range Resources closes Nora asset sale for $865 million

Range Resources revolving credit facility remains unchanged at $3 billion

Range ResourcesFort Worth, Texas-based Range Resources Corporation today announced that it has completed the sale of its Nora assets in southwestern Virginia for $865 million.

After purchase price adjustments based upon a November 1st effective date, Range will include the Nora operations for the full fourth quarter of 2015.

The properties encompass approximately 3,500 operated wells and 460,000 net acres in the Nora/Haysi combined fields. Third quarter production for the Nora assets was 109 Mmcf per day representing 7.5 per cent of Range’s net production.

The net proceeds were used to reduce debt by 24 per cent from the Sept. 30, 2015 balance. Range Resources said in a press release that the “monetization further strengthens the Company’s financial position by reducing leverage and enhancing liquidity.”

After the sale, the borrowing base under Range’s revolving credit facility remains unchanged at $3 billion.

The sale is also expected to reduce direct operating expenses, brokerage natural gas and marketing expenses and general and administrative expenses for 2016.

Range Resources Corporation is a leading US independent oil and natural gas producer with operations focused in stacked-pay projects in the Appalachia Basin.

The company targets high return, low-cost projects within its large inventory of low risk development drilling opportunities.

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