El Paso Exploration & Production Company has entered into two purchase and sale agreements to sell two non-strategic natural gas producing properties for a total of approximately $77 million.
The company will sell properties located in the San Juan Basin in northwest New Mexico that were part of its 2007 acquisition of Peoples Energy, as well as properties in the Shongaloo and Spring Hill fields along the Louisiana/Arkansas border. In total, the properties to be sold contain a current estimated 40 billion cubic feet equivalent of proved reserves, with current production of approximately 15 million cubic feet of gas equivalent per day. The sales have an effective date of December 1, 2008, and are expected to close by the end of January 2009.
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