Natural Resource Partners LP (NYSE: NRP) said Feb. 16 it has signed an agreement to sell a portion of its oil and gas mineral rights and closed a transaction to sell certain mineral rights.
Combined proceeds are $47.5 million before transaction expenses, according to the release. NRP intends to use the proceeds from the combined sales to pay down debt.
The assets being sold generated $3.4 million of royalty revenues in 2015 and do not include NRP's nonoperated Bakken interests or the VantaCore aggregates operations.
The Houston company also owns interests in the Marcellus Shale, Louisiana's Haynesville Shale and the Mississippian Lime Play in Oklahoma, according to NRP's website.
The asset sales are a continuation of NRP's ongoing deleveraging strategy and NRP will continue to evaluate other opportunities to monetize assets and reduce leverage, the release said.
The closing of the oil and gas sale is expected to occur by the end of February and is subject to customary closing conditions.
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