An Oklahoma-based energy company will sell its Marcellus Shale assets in Northeast Pennsylvania to Southwestern Energy Co. as part of a $300 million deal.

WPX Energy, which specializes in producing natural gas, oil and natural gas liquids, announced the agreement Tuesday. The two parties are expected to close the deal, which is subject to regulatory approval, in the first quarter of 2015.

Under the agreement, Southwestern Energy gets physical operations covering about 46,700 net acres in Northeast Pennsylvania, with most assets located in Susquehanna County. That property includes 63 horizontal wells and produces about 50 million cubic feet of net natural gas production per day, according to a company statement.

The purchase complements the company’s existing Marcellus Shale presence in northern Susquehanna County, said Steve Mueller, president and chief executive officer of Southwestern Energy.

“We are very excited about the addition of this asset and firm transportation capacity to our portfolio,” he said in a press release.

The decision to sell reflects the company’s initiative to narrow its business focus, increase scalability of its core assets and further strengthen its balance sheet, the company’s statement said.

“We’re heading into 2015 reshaped, refocused and ready to grow margins, develop our highest returning assets and build the long-term value of the company,” said Rick Muncrief, WPX president and chief executive officer.

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