Statoil has agreed to divest its operated properties in West Virginia to EQT Corp. for US $407 million in cash, Statoil said in a news release.

The divestment comprises about 62,500 net acres with equity production from the properties of about 9,300 boe/d for first-quarter 2016.

Statoil, however, retained its operated properties in Ohio and its non-operated Marcellus positions, the release said.

The transaction is expected to close in July 2016, subject to certain conditions being met.