The assets being sold are currently producing, on a net basis, about 7.8 million cubic feet of natural gas equivalent per day, about 97% of which is natural gas.
These properties include the Hartshorne coalbed methane and Woodford Shale formations, as well as a number of conventional natural gas play types.
The company said its 2011 production will decrease by an estimated 0.9 billion cubic feet of natural gas equivalent as a result of this divestiture.
The transaction, which is subject to customary closing conditions and purchase price adjustments, is expected to be closed by the end of this month.
Net proceeds from this sale will be used to fund, in part, the company’s 2011 capital expenditure plan, as well as for general corporate purposes.
