04/29/2014 09:27 EDT | Updated 06/29/2014 05:59 EDT

Encana sells natural gas properties in Texas for $530M to undisclosed buyer

CALGARY - Encana Corp. (TSX:ECA) is selling some natural gas properties in Texas to an undisclosed purchaser for about $530 million as the Calgary company continues to pare down its portfolio.

Encana said the properties are located in East Texas and the sale is expected to close later this year.

The natural gas producer also recently announced it will sell assets in Denver and Wyoming.

Earlier this month, Encana said it has advanced its plans for spinning off a portion of its assets in Western Canada into a separate publicly traded business, PrairieSky Royalty Ltd.

The new company doesn't plan to directly develop or produce petroleum or natural gas, but will focus on attracting third-party investments to develop the properties.