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Laredo selling Anadarko Basin assets for $438M

TULSA, Okla. (AP) -- Laredo Petroleum is selling its holdings in the Anadarko Basin to EnerVest Ltd. for $438 million.

The Anadarko Basin runs through the western part of Oklahoma and into the Texas Panhandle and extends into western Kansas and southeast Colorado.

Laredo Chairman and CEO Randy Foutch said Tuesday that the company's ongoing success with its Permian-Garden City drilling operations prompted the sale. It will use the proceeds to focus on high-return projects in the Texas Permian Basin.

The deal includes about 104,000 net acres of leasehold held by Laredo in the Western Oklahoma and Texas Panhandle portion of the basin, as well as related infrastructure.

The sale is expected to close in the third quarter.

Shares of Laredo Petroleum Holdings Inc. closed at $19.17 Monday.