Apache (NYSE: APA) is about to become a leaner company. The firm announced it has reached an agreement to sell oil and gas plays it holds in western Alberta, Canada, to privately held Canadian company Ember Resources. The price is $214 million.

The assets are located in the Nevis and North and South Grant Lands in the region, and comprise 621,000 gross and 530,000 net acres. They boast more than 2,700 wells that collectively produced an average of 67 million cubic feet of gas and 237 barrels of liquid products per day in Q2 of this year.

In the press release announcing the news, Apache quoted COO Rodney Eichler as saying that the divestment "is one element of a comprehensive review of Apache's portfolio to determine which assets make the most sense for Apache to own given our growth and return objectives and which assets are better owned by others."

The transaction is expected to close during Q3. It is subject to regulatory approval from the relevant authorities.

Fool contributor Eric Volkman has no position in Apache. The Motley Fool owns shares of Apache. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.