US-based EP Energy has signed three separate purchase and sale agreements for the sale of natural gas properties at an estimated $1.3bn, in the country.
The company has signed an agreement with Atlas Resource Partners to sell coal bed methane, (CBM) properties, located in the Raton, Black Warrior, and Arkoma basins.
EP Energy has also signed an agreement with WildHorse Resources to divest Arklatex conventional gas assets, located in East Texas and North Louisiana.
In addition, the company has signed a deal with another firm to sell legacy conventional gas assets in South Texas.
The company holds about 909 billion cubic feet equivalent of proved reserves, as of 31 December 2012, while its average daily production is about 215 million cubic feet equivalent per day by 31 March 2013.
EP Energy president and CEO Brent Smolik said the series of transactions allow the company to focus on high margin oil plays, as well as retain firm’s highest return gas asset in the Haynesville Shale.
"We are very pleased with the outcome of the asset sales process and the agreements we have entered into with high quality buyers," Smolik added.