Linn Energy to Purchase Texas Panhandle Properties for $22.5 Million
Linn Energy enters into a definitive purchase agreement to acquire certain oil and gas properties in the Texas Panhandle for $22.5 million, subject to customary closing conditions and purchase price adjustments. The Company anticipates the acquisition will close on or before September 30, 2007 and will be financed with borrowings under Linn Energy's existing credit facility.
During 2007, Linn Energy has built a substantial presence in the Texas Panhandle, and this acquisition represents a bolt-on opportunity that will grow the Company's core position in the Mid-Continent. The acquisition is expected to add over 10,300 gross acres and over 100 producing wells, with net proven reserves of approximately 11 Bcfe.
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