LINN Energy signed a definitive purchase agreement to acquire certain oil and natural gas properties in the Permian and Anadarko Basins for a contract price of $154.5 million, subject to closing conditions. The Company anticipates that the acquisition will close on or before January 29, 2010, and will be financed with borrowings under LINN Energy's existing credit facility.
Significant characteristics of the assets are:
"This acquisition increases our exposure to oil, which offers very attractive margins in the current commodity price environment," said Michael C. Linn, Chairman and Chief Executive Officer of LINN Energy. "The long-life, low-decline characteristics and geographic location of these properties make them an attractive addition to our asset portfolio in the Permian and Mid-Continent areas."
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