2. Divestitures
The Company recognized an aggregate net gain on sale of assets of $21.4 million, $50.6 million and $63.4 million for the years ended December 31, 2013, 2012 and 2011, respectively.
In December 2013, the Company sold certain proved and unproved oil and gas properties located in the Oklahoma and Texas panhandles to Chaparral Energy, L.L.C. for approximately $160.0 million, subject to post closing adjustments, and recognized a $19.4 million gain on sale of assets. The Company also sold certain proved and unproved oil and gas properties located in Oklahoma, Texas and Kansas to a third party for approximately $123.4 million, subject to post closing adjustments, and recognized a $17.5 million loss on sale of assets.
In 2013, the Company sold various other proved and unproved properties for approximately $44.3 million and recognized an aggregate net gain of $19.5 million.
In November 2013, the Company deposited $28.3 million of proceeds from the sale of certain oil and gas properties with a qualified intermediary to facilitate potential like-kind exchange transactions pursuant to Section 1031 of the Internal Revenue Code. The funds are classified as restricted cash in the Consolidated Balance Sheet and, unless utilized for one or more like-kind exchange transactions, are restricted in their use until April 2014.
In December 2012, the Company sold certain proved oil and gas properties located in south Texas to a private company for $29.9 million, and recognized an $18.2 million loss on sale of assets.
In June 2012, the Company sold a 35% non-operated working interest associated with certain of its Pearsall Shale undeveloped leaseholds in south Texas to a wholly owned subsidiary of Osaka Gas Co., Ltd. (Osaka) for total consideration of approximately $251.0 million. The Company received $125.0 million in cash proceeds and Osaka agreed to fund 85% of the Company's share of future drilling and completion costs associated with these leaseholds until it has paid approximately $125.0 million in accordance with a joint development agreement entered into at closing. The Company recognized a $67.0 million gain on sale of assets associated with this sale. As of December 31, 2013, the drilling and completion carry was fully satisfied.
In 2012, the Company sold various other unproved properties and other assets for approximately $14.4 million and recognized an aggregate net gain of $1.8 million.
In October 2011, the Company sold certain proved oil and gas properties located in Colorado, Utah and Wyoming to BreitBurn Operating L.P., a wholly owned subsidiary of BreitBurn Energy Partners L.P., for $285.0 million and recognized a $4.2 million gain on sale of assets.
In May 2011, the Company sold certain of its unproved Haynesville and Bossier Shale oil and gas properties in east Texas to a third party for approximately $47.0 million and recognized a $34.2 million gain on sale of assets.
In February and April 2011, respectively, the Company entered into two participation agreements with third parties related to certain of its Haynesville and Bossier Shale leaseholds in east Texas. Under the terms of the participation agreements, the third parties agreed to fund 100% of the cost to drill and complete certain Haynesville and Bossier Shale wells in the related leaseholds over a multi-year period in exchange for a 75% working interest in the leaseholds. During 2011, the Company received a reimbursement of drilling costs incurred of approximately $12.9 million associated with wells that had commenced drilling prior to the execution of the participation agreements.
In 2011, the Company sold various other unproved properties and other assets for approximately $73.5 million and recognized an aggregate net gain of $25.0 million.