ConocoPhillips has agreed to divest its Barnett assets to an affiliate of Miller Thomson & Partners for around $305m.

The company will use the proceeds from the deal for general corporate purposes.

Situated in north-central Texas, the Barnett shale formation is part of the Fort Worth Basin.

ConocoPhillips is involved in the development of liquids-rich segments of the shale play, which includes around 68,000 net acres.

In 2016, Barnett assets have produced around 11 thousand barrels of oil equivalent per day (MBOED), which included 55% natural gas and 45% natural gas liquids.

The divested assets include proved reserves of around 50 million barrels of oil equivalent by the year-end 2016.

The net book value of the assets was about $0.9bn, as of May this year.

Subject to specific conditions precedent being satisfied, including regulatory approval, the deal is expected to complete in the third quarter of this year.

Recently, Canadian oil company Cenovus Energy revealed its target to raise C$4-5bn ($3-3.8bn) by the year end through sale of its non-core assets, to fund ConocoPhillips acquisition.

In late March, ConocoPhillips inked a deal to sell major stakes in its Canadian oil and gas assets for $13.3bn to Cenovus Energy.

The sale proceeds are likely to more than meet the C$3.6bn ($2.7bn) asset sale bridge facility used to fund the C$17.7bn ($13.3bn) acquisition of significant stakes in the Canadian oil and gas assets of ConocoPhillips.

In April, ConocoPhillips agreed to divest its stake in the San Juan Basin in the US state of New Mexico to a Hilcorp Energy affiliate for a price of up to $3bn.

The San Juan Basin assets saw production of 124 thousand barrels of oil equivalent per day in the full-year 2016. Out of this, natural gas made up about 80%.