Oil and natural-gas producer Concho Resources Inc. said Thursday it has agreed to buy Henry Petroleum’s energy holdings in Texas and New Mexico for $565 million in cash.

The properties, located in the Permian Basin of West Texas and Southeast New Mexico, include the equivalent of 163 billion cubic feet of proved reserves, and 283 billion cubic feet of identified unproved reserves. Concho estimates that 70 percent of the proved reserves contains oil.

The holdings currently produce the equivalent of about 33 million cubic feet per day, and have a reserve-to-production ratio of 13.5 years, Concho said.

The deal includes all of Henry’s general partner, limited partner and membership interests and certain affiliated entities. Concho said it will keep Henry’s existing technical and operational staff.

Along with the deal, Concho said it plans to enter into derivative contracts through 2012 related to “a significant portion” of the properties’ unhedged production.

Concho plans to pay for the acquisition using proceeds from a $250 million private placement of 8.3 million shares, and a senior credit facility arranged by J.P. Morgan Securities Inc. and Banc of America Securities LLC.

The deal, which is subject to customary conditions, is expected to close by the end of next month.

Concho shares fell 62 cents to $31.91 in after-hours trading. The stock rose 84 cents, or 2.7 percent, to $32.53 in the regular session.

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