RANGE RESOURCES CORPORATION (NYSE:RRC) today announced that it has completed the sale of its Nora assets. After purchase price adjustments based upon a November 1st effective date, Range received $865 million of sales proceeds. Range will include the Nora operations for the full fourth quarter of 2015. The properties encompass approximately 3,500 operated wells and approximately 460,000 net acres in the Nora/Haysi combined fields located primarily in southwestern Virginia. Third quarter production for the Nora assets was 109 Mmcf per day representing 7.5% of Range’s net production. The net proceeds were used to reduce debt by 24% from the September 30, 2015 balance. This 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 (NYSE: RRC) is a leading U.S. independent oil and natural gas producer with operations focused in stacked-pay projects in the Appalachia Basin. The Company pursues an organic growth strategy targeting high return, low-cost projects within its large inventory of low risk development drilling opportunities. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.