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SM Energy says it will sell Anadarko Basin assets

DENVER (AP) -- SM Energy Co. said Wednesday it plans to sell all of its properties in the Anadarko Basin, which holds large oil and natural gas reserves.

The energy company said the sale is part of its regular portfolio review, and it plans to use proceeds to fund strategic projects.

SM Energy said the sale will also include its Granite Wash assets. It has hired an adviser and expects the marketing process to take about six months.

The company said it produced about 9,000 barrels of oil equivalent per day from those assets in the first quarter of 2013. That was about 8 percent of its total production over that time.

The Anadarko Basin is centered in western Oklahoma and the upper Texas panhandle, and it also extends into Kansas and Colorado.

Shares of SM Energy were unchanged at $64.01 in midday trading.