HOUSTON, June 14, 2016 /PRNewswire/ -- Natural Resource Partners L.P. (NYSE: NRP) announced that NRP Oil and Gas LLC has signed a definitive agreement with Lime Rock Resources IV-A, L.P. to sell all of its Williston Basin non-operated oil and gas working interest assets for $116.1 million before transaction expenses and customary purchase price adjustments. The closing of the sale is expected to occur by the end of July and is subject to customary closing conditions. NRP intends to use the proceeds to repay the $75 million NRP Oil and Gas revolving credit facility in full and use the remainder to further the partnership's ongoing deleveraging strategy. The sale of these assets will represent NRP's exit from the non-operated oil and gas working interest business.
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 coal, aggregates, industrial minerals and oil and gas 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 VantaCore, one of the top 25 aggregates producers in the United States and owns non-operated working interests in oil and gas properties.
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; 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.
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SOURCE Natural Resource Partners L.P.