EOG Resources Inc. (EOG) said Monday that it will sell 50,000 acres of natural gas-rich land in Pennsylvania's Marcellus Shale to Newfield Exploration Co. (NFX) for $405 million.

The acreage represents less than 0.5% of EOG's North American production, and EOG will retain 170,000 net acres in the Marcellus shale, a tight rock formation spanning several northeastern states, the Houston company said. The transaction is expected to close by year-end 2010, EOG said in a statement.

The move is part of EOG's divestiture program, which is expected to bring in about $1 billion for the company by the end of 2010, the company said.

-By Angel Gonzalez, Dow Jones Newswires;713-547-9214;angel.gonzalez@dowjones.com
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