PURCHASE, N.Y., Jan. 31- International Paper (NYSE: IP) today announced it has conveyed its oil and gas properties and fee mineral and royalty interests to Pure Resources, Inc. and its affiliates. The transactions are valued at approximately $300 million, subject to certain adjustments. Today's agreement is part of International Paper's divestiture program to dispose of more than $5 billion in assets that no longer fit the company's long-term strategy in the wake of acquiring Champion International last year and the merger with Union Camp Corporation. With the oil and gas transactions, proceeds to date total more than $1.2 billion from the previously completed sales of Bush Boake Allen and Zanders Feinpapiere AG of Germany and the former Champion headquarters office building. Further announcements are expected in the coming months as sale processes currently ongoing come to completion. "This agreement with Pure Resources proves once again that we are committed to doing what we've promised: divesting more than $5 billion of assets that no longer fit our long-term strategy of focusing on paper, packaging and forest products," said John Dillon, chairman and chief executive officer of International Paper. International Paper has also announced efforts to divest its Masonite, Fine Papers, Flexible Packaging, Decorative Products, Champion Premium Papers, Chemical Cellulose and Arizona Chemical businesses as well as the sale of nearly 300,000 acres of forestlands in the State of Washington and 800,000 acres in East Texas, and the Treetops Property in Stamford, Conn.