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Range Resources Announces $634 Mln Asset Sales

Range Resources Corp. (RRC) said that it schedules to close royalty interest transactions during July 2019 with proceeds utilized to repay amounts outstanding under the Company's revolving credit facility. The combined gross proceeds of $634 million will reduce total debt by about 17%.

The company agreed to sell a 2% proportionately reduced overriding royalty interest in 350,000 net surface acres in southwest Appalachia for gross proceeds totaling $600 million. The two separate transactions were effective as of March 1, 2019 and apply to existing and future Marcellus, Utica and Upper Devonian development on the subject leases, while excluding shallower and deeper horizons.

The company also completed the sale of certain non-producing acreage in Pennsylvania for gross proceeds of $34 million that closed in June 2019. The properties sold included approximately 20,000 acres in northwest Armstrong County.

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