Britain’s BG Group has agreed to sell natural gas producing assets and acreage in east Texas and north Louisiana for $132.5 million.

The UK-based gas outfit said that the assets covered around 54,165 net leasehold acres of the Cotton Valley formation across the two states.

The British explorer said the “shallow, non-core” assets were not required by it to “hold, drill and produce the undeveloped Haynesville/Bossier formation shale reserves which lie beneath the Cotton Valley formation”.

The tracts are being sold to a partnership involving diversified holding company Harbinger Group and Dallas-based explorer Exco Resources.

The Dallas explorer, which previously partnered with BG Group in the area, identified the assets as being in the Danville, Waskom and Holly fields.

The transaction is expected to close in March, Exco Resources said.