Range Resources sells non-operated Marcellus assets in Bradford County, Pa.
FORT WORTH, Texas -- Range Resources has completed the sale of its non-operated assets in Bradford County, Pennsylvania.
After purchase price adjustments, based upon a Jan. 1 effective date, Range received approximately $110 million of sales proceeds at the closing plus retaining the net cash flow since the effective date.
In early February, Range signed a purchase and sale agreement covering its non-operating Marcellus interest in Bradford County for approximately $112 million. Range sold an average working interest of 23% covering approximately 10,900 net acres with net production of approximately 22 MMcfd.
Range will include the Bradford County operations in its operations until the closing date in its first quarter reported operations. The net proceeds were used to reduce debt and other corporate purposes.
