J.P. Morgan & Co. announced Monday its intention to sell the oil and gas properties in its two U.S. petroleum funds that are managed through its asset management services group. The closed-end trust funds began acquiring U.S. oil and gas properties in the mid-1980s and are now approaching their scheduled termination dates.

The funds own royalties and net profits overriding royalties in properties primarily in Texas, Oklahoma, and Wyoming. The property sales are expected to be completed by early next year.

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