El Paso Exploration & Production Co., a subsidiary of El Paso Corp., Houston, (NYSE: EP) plans to sell two nonstrategic gas-producing properties in New Mexico, Louisiana and Arkansas to an undisclosed buyer for approximately $77 million.

The assets are in the San Juan Basin in northwest New Mexico and along the Louisiana and Arkansas border in Shongaloo and Spring Hill fields. The New Mexico assets were a part of the acquisition of Peoples Energy in 2007.

Estimated proved reserves are 40 billion cubic feet equivalent. Current production is approximately 15 million cubic feet equivalent per day. The sales have an effective date of December 1, 2008, and are expected to close by the end of January.