Chesapeake Energy said on Monday it would sell its remaining Eagle Ford assets to SilverBow Resources for $700 million, completing its exit from the south Texas basin.

The deal takes the total proceeds to more than $3.5 billion from Chesapeake's sales of its assets in the basin.

The company has agreed to offload about 42,000 net acres and about 540 wells of its Eagle Ford asset located in Dimmit and Webb counties, along with related property, plant and equipment.

Chesapeake expects the deal to close this year.

In February, the gas producer agreed to sell a portion of its Eagle Ford asset to INEOS Energy for $1.4 billion.

(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)