• In this July 26, 2011, file photo, a worker hangs from an oil derrick outside of Williston, N.D. State data show that 1 billion barrels of oil have been produced from the rich Bakken shale formation in western North Dakota and eastern Montana. Data show that North Dakota has tallied 852 million barrels of Bakken crude, and Montana has produced about 151 million barrels. (AP Photo/Gregory Bull, File) Photo: Gregory Bull, STF / AP
Photo: Gregory Bull, STF
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In this July 26, 2011, file photo, a worker hangs from an oil derrick outside of Williston, N.D. State data show that 1 billion barrels of oil have been produced from the rich Bakken shale formation in western North Dakota and eastern Montana. Data show that North Dakota has tallied 852 million barrels of Bakken crude, and Montana has produced about 151 million barrels. (AP Photo/Gregory Bull, File) less
In this July 26, 2011, file photo, a worker hangs from an oil derrick outside of Williston, N.D. State data show that 1 billion barrels of oil have been produced from the rich Bakken shale formation in western ... more
Photo: Gregory Bull, STF

Carrizo Oil & Gas will sell off some of its footprint in the Eagle Ford Shale for $245 million in cash, the company said Tuesday.

The Houston oil company said it'd sell some 24,500 net acres in the South Texas shale play. The region produced some 3,400 barrels of oil equivalent a day in the fourth quarter.

The deal is expected to close at the end of next month. After the deal, Carrizo will still have some 78,500 net acres in the Eagle Ford, positioned in more lucrative areas than the assets it is selling off to the unnamed buyer.

"Our activity in the Eagle Ford Shale is expected to be focused on the updip volatile oil window of the play," Carrizo CEO S.P. "Chip" Johnson said in a statement.

Carrizo has sold off some $530 million in assets in a divestiture program this year. One reason the company sold off these Eagle Ford acres is to use the proceeds to retire more of its debt.

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