According to the company, Partial proceeds will be held in escrow until all rights of first refusal have been dealt with.

The properties produce approximately 3,400boe per day (60% gas and 40% liquids) and have approximately 14.7 million boe of proved plus probable reserves, as of 30 September 2010.

As part of the sale, the company has also closed the acquisition of 36 sections of land in the Ante Creek region of northern Alberta.

ARC Resources is a Canada-based conventional oil and gas company with an enterprise value of approximately $8.1bn.