NEW YORK (AP) -- Plains Exploration & Production Co. said Monday that it sold its stake in natural gas fields in the Texas Panhandle for $629 million.
The Houston independent oil and gas company said Linn Energy LLC purchased the assets and paid $555 million in cash. Plains expects to receive an additional $74 million in cash from the sale. The two sides agreed to the deal in November.
Plains said it will use proceeds from the sale to repay company debt.
The Texas Panhandle assets generated 84 million cubic feet of gas equivalent in the third quarter. In all, they hold proven reserves of 263 billion cubic feet.