Encore Acquisition ( EAC) is buying oil and gas properties, located in the Permian Basin in West Texas and the Anadarko Basin in Oklahoma, from Kerr-McGee ( KMG) for $104 million.

The transaction should close in November, according to Encore, an energy company based in Fort Worth, Texas.

Encore said Wednesday that its engineers have estimated the total proved reserves of the properties at 6.2 million barrels of oil equivalent.

Separately, Kerr-McGee, of Oklahoma City, said it expects to use the net proceeds of around $69 million to reduce debt.

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