Oil and gas company Range Resources has signed an agreement with a private company to sell its Barnett Shale properties in the Fort Worth Basin in the US for $900m.

The properties included in the sale encompass 390 producing wells covering about 52,000 net acres.

The company is retaining certain non-producing acreage valued at approximately $50m in the Barnett Shale.

The sale, which is subject to customary closing conditions and purchase price adjustments, is expected to close in late April this year.

Range Resources chairman and CEO John Pinkerton said that the sale of the Barnett Shale properties will be the catalyst for the company becoming cash flow positive in 2013.