HOUSTON, Feb. 16, 2016 /PRNewswire/ -- Natural Resource Partners L.P. (NYSE: NRP) announced that it has signed a definitive agreement to sell a portion of its oil and gas mineral rights and has closed a transaction to sell certain of its aggregates mineral rights for combined proceeds of $47.5 million before transaction expenses. The assets being sold generated $3.4 million of royalty revenues in 2015. The closing of the oil and gas sale is expected to occur by the end of February and is subject to customary closing conditions. NRP intends to use the proceeds from the combined sales to pay down debt. 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 assets being sold do not include NRP's non-operated Bakken interests or the VantaCore aggregates operations.
Natural Resource Partners L.P. is a master limited partnership headquartered in Houston, TX. NRP is a diversified natural resource company that owns interests in oil and gas, coal, aggregates and industrial minerals across the United States. A large percentage of NRP's revenues are generated from royalties and other passive income. In addition, NRP owns an equity investment in Ciner Wyoming, a trona/soda ash operation, owns non-operated working interests in oil and gas properties and owns VantaCore, making NRP one of the top 25 aggregates producers in the United States.
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the partnership based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the partnership. These risks include, but are not limited to, commodity prices; decreases in demand for coal, oil, natural gas, and aggregates and industrial minerals, including trona/soda ash; changes in operating conditions and costs; production cuts by our lessees; the pace of development of our oil and natural gas properties; unanticipated geologic problems; our liquidity and access to capital and financing sources; changes in the legislative or regulatory environment and other factors detailed in Natural Resource Partners' Securities and Exchange Commission filings. Natural Resource Partners L.P. has no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Natural Resource Partners L.P.