The assets considered for the sale include approximately 3,500 operated wells and approximately 460,000 net acres in the Nora/Haysi combined fields located primarily in southwestern Virginia.
The company plans to use the sale proceeds to reduce total debt by about 24% while strengthening the its financial position
The deal, which is subject to customary closing conditions and purchase price adjustments, is planned to be completed by year-end.
Range Resources expects the divestment to reduce direct operating expenses, brokerage natural gas and marketing expenses and general and administrative expenses for 2016.
Range chairman, president and CEO Jeff Ventura said: "Using our consistent, return-focused capital allocation process, we will continue to review our portfolio for opportunities to bring value forward where other assets cannot compete for capital in comparison to our 1.6 million stacked-pay acreage position in the Marcellus, Utica and Upper Devonian.
"We believe that Range can continue to drive down costs, improve capital efficiencies and enhance netback pricing in our core Marcellus areas, all of which should further enhance our results in 2016."
During the third quarter, the Nora assets produced 109 Mmcf per day, representing 7.5% of Range Resources’ net production.
The company, which acquired 100% ownership stake of the Nora Field in 2014, estimates the net unrisked resource potential in Virginia to be 5 trillion cubic feet (Tcf).
