Natural Resource Partners LP (NYSE: NRP) said June 14 it is exiting the nonoperated oil and gas working interest business.
The Houston company's affiliate, NRP Oil and Gas LLC, has signed a definitive agreement to sell all of its Williston Basin nonoperated oil and gas working interest assets to Lime Rock Resources IV-A LP for $116.1 million.
The company plans to use the proceeds to repay the $75 million NRP Oil and Gas revolving credit facility in full. The remainder will be used to further the partnership's ongoing deleveraging strategy.
The closing of the sale is expected to occur by the end of July and is subject to customary closing conditions.
Natural Resource Partners is a diversified natural resource company that owns interests in coal, aggregates, industrial minerals and oil and gas across the U.S.
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