Mar 29, 2016 1 min read

FORT WORTH, Texas – Range Resources Corp. said Monday it completed the previously announced sale of its Bradford County nonoperated assets.

The company said in a news release following the close of Monday’s stock market that after purchase price adjustments based upon a Jan. 1 effective date, it received $110 million 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 $112 million. Range sold an average working interest of 23 percent covering approximately 10,900 net acres with net production of approximately 22 million cubic feet per day.

Range said it will include the Bradford County operations in its operations until the closing date in its first quarter reported operations.

It said the net proceeds were used to reduce debt and other corporate purposes.

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