Range Resources Corporation has signed a definitive sales agreement to sell its Nora assets for a purchase price of $876 million. 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 sale is scheduled to close by year-end and is subject to customary closing conditions and purchase price adjustments.

The net proceeds will be used to reduce total debt by an expected 24% and further strengthen the Company's financial position. The sale is also expected to reduce direct operating expenses, brokerage natural gas and marketing expenses and general and administrative expenses for 2016.

Tags: Range Resources Corporation