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Range Resources nets $110M in sale of Marcellus assets

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Range Resources nets $110M in sale of Marcellus assets

RangeResources Corp. on March 28 said it completed the sale of nonoperatedassets in Bradford County, Pa., for about $110 million.

The sale covered about 10,900 net acres with net productionof about 22 MMcf/d at an average working interest of 23%, according to therelease.

The purchase and sale agreement was signed in earlyFebruary to sell Range's Marcellus interest in the county. After priceadjustments based on the effective date of Jan. 1, the sale proceeds amountedto about $110 million, Range said in the release. The company also retained thenet cash flow since the effective date.

Range Resources expects to use the net proceeds toreduce debt, as well as for other corporate purposes.