The company is, for the most part, off loading its dry gas-producing properties in the Ojay, Noel and Wapiti areas.
Chairman G. Steven Farris said the sale was part of the company’s ‘portfolio rebalancing.”
Farris says it’s meant to allow Apache to focus on growing liquids production from a deep inventory of crude oil and liquids-rich opportunities.
During 2013, company production averaged at around 101 million cubic feet of natural gas and 1,500 barrels of liquid hydrocarbons per day.
The deal would take effect as of January 1st of this year.