LINN (Nasdaq: LINE) Eyes Oil Properties in New Basin
Monday, February 28, 2022 2:01 PM



LINN Energy, LLC (Nasdaq: LINE), announced that it signed three definitive purchase agreements to acquire oil properties for a total combined contract price of $434 million, subject to closing conditions.

One acquisition of non-operated properties marks LINN's entry into the Bakken play, located in the Williston Basin of North Dakota. The additional two are bolt-on acquisitions, which further expand the Company's position in the Permian Basin of Texas and New Mexico.

LINN signed a definitive purchase agreement to acquire certain oil properties in the Bakken play from Concho Resources for a contract price of $196 million, subject to closing conditions. The Company anticipates this acquisition will close on or before March 31, 2011.

The properties are expected to add current net production of approximately 1,350 Boe/d (94 percent oil), proved reserves of approximately 8 MMBoe (83 percent oil) and more than 400 potential oil drilling locations.

In addition, LINN also signed two definitive purchase agreements to acquire certain oil properties for a total combined contract price of $238 million, subject to closing conditions. The Company anticipates these acquisitions will close during the first week of April 2011. The properties are all located within the Permian Basin and several are located within the Wolfberry trend.

The shares of LINN (Nasdaq: LINE) are trading at $38.83, down 2.23 percent.

 


 

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