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Pantera Energy

BP announced the sale of 270,000 acres in the Texas Panhandle to Pantera Energy on Monday.

Total value of the sales is $390 million, according to the company.

The acreage is located around 650 miles northwest of Houston, in Sherman and Moore Counties.

BP operated 500 natural gas wells that produce 27.6 million cubic feet of natural gas equivalent per day,

Around 43 percent of the production is natural gas liquids.

In an April statement, BP said the Texas Panhandle assets it had planned to sell were “mature and better suited to a company that specializes in late-life basin operations.”