US firm Halcon Resources has agreed to sell its operated assets in the Williston Basin for $1.4billion.
Houston-headquartered Halcon said the sale to an affiliate of Bruin E&P Partners would go through within 60 days of June 1.
Bruin E&P Partners is a portfolio company of Arclight Capital Partners.
The assets being sold produce about 29,000 barrels of oil equivalent per day.
The Williston Basin covers parts of eastern Montana, North Dakota and South Dakota and Saskatchewan and is known for its rich petroleum reserves.
Halcon chief executive Floyd Wilson said: “The sale of our Williston Basin operated assets transforms Halcón into a single-basin company focused on the Delaware Basin where we have more than 41,000 net acres in Ward and Pecos Counties representing decades of highly economic drilling inventory.
“The cash proceeds from this transaction and related debt reduction provide us with a strong balance sheet and liquidity to execute our growth plans.”