Suncor Energy (NYSE:SU) has reached an agreement with Direct Energy to sell certain natural gas properties for approximately $375 million with an effective date of May 1, 2010.

The press release is quoted as saying:

The sale includes properties known as Wildcat Hills, located near Cochrane, Alberta. The sale is expected to close during the fourth quarter, and is subject to closing conditions, closing adjustments to the purchase price and regulatory approvals typical of transactions of this nature. As part of its strategic business alignment, Suncor is continuing with plans to divest of a number of non-core assets. Announced sales to date include all oil and gas producing assets in the United States Rockies, some non-core natural gas properties in Western Canada, all shares in Petro-Canada Netherlands B.V. and all Trinidad and Tobago assets.

Click here to access the entire press release ^[1]

Click here to access Suncor Energy Corporate Site ^[2]