Noble Energy has agreed to sell certain oil and natural gas properties located in the Permian Basin in the western part of the US state of Texas to Sheridan Holding Company for $320m.

The assets to be divested include about 250 producing wells on about 11,000 net acres licensed by Noble Energy.

Net daily production at the wells stands at about 1,500 barrels of oil equivalent per day, of which, more than 90% constitutes crude oil and natural gas liquids.

Noble Energy president and COO David L. Stover said the sale of the company’s Permian assets is a continuation of its previously announced divestiture plan.

"Sales of our non-core assets allow us to focus on the developments within our core areas," David added.

The deal is expected to close in August 2012.