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NEW YORK (AP) -- Harvest Natural Resources Inc. said Tuesday it plans to sell its oil and gas assets in Utah's Uinta Basin to Newfield Exploration Co. for $215 million in cash.
Harvest, a Houston-based energy company, said the assets include 47,600 net acres in the Uinta Basin. Harvest had a working interest of about 70 percent in those assets.
The deal is expected to close in May. Harvest said net proceeds from the sale should be about $205 million, after deducting transaction-related costs.
Harvest said the sale will help the company focus on its international portfolio and reduce its debt.
Newfield is a Houston-based energy company.
