May 21 (Reuters) - Laredo Petroleum Holdings Inc said it would sell its assets in the Anadarko Basin in Western Oklahoma and Texas to affiliates of EnerVest Ltd for $438 million to raise capital for its drilling activities in the Permian Basin.
EnerVest, which manages oil and gas properties on behalf of institutional investors, will acquire about 104,000 net acres of leasehold held by Laredo.
Laredo produced about 4.9 billion cubic feet of liquids-rich natural gas and about 49,600 barrels of crude oil and condensate from the Anadarko Basin in the first quarter.
Upon completing the deal, most likely during the third quarter, Laredo expects to add two horizontal rigs in its Garden City area of the Permian Basin in west Texas.
Laredo was advised by Wells Fargo Securities LLC. Akin Gump Strauss Hauer & Feld LLP was the company’s legal adviser.
The Tulsa, Oklahoma-based company’s shares closed at $19.17 on the New York Stock Exchange on Monday.