Linn Energy to buy additional Permian basin assets

By OGJ editors
HOUSTON, Mar. 31
-- Linn Energy LLC, Houston, has agreed to spend $305 million to acquire more oil and gas properties in the Permian basin, saying the acquisition is expected to double its production in that basin.

This acquisition follows closely to a recent agreement for Linn to acquire gas properties in the Antrim shale of northern Michigan from HighMount Exploration & Production LLC for $330 million (OGJ Online, Mar. 29, 2010). This latest acquisition gives Linn what it calls “a sizable entry” into the Wolfberry oil play. Closing is expected by May 27.

“With approximately 120 proved low-risk infill drilling and optimization opportunities, this acquisition also offers the potential for significant growth of oil production,” said Mark Ellis, Linn president and chief executive officer.

By June 30, net production is expected to be 2,800 boe/d with more than 75% of that being oil. The company expects to report proved reserves of 18 million boe.

Related Articles

Linn Energy unit completes merger with Berry Petroleum

12/17/2013 Linn Energy LLC’s subsidiary LinnCo LLC reported the completion of its $4.3 billion merger with Denver-based Berry Petroleum Co., acquiring all of ...

XTO Energy acquires Marcellus shale leasehold

04/15/2008 XTO Energy Inc. agreed to acquire producing properties, pipeline, and leasehold acreage from Linn Energy LLC for $600 million.

Ellis appointed president of Linn Energy

12/14/2007 Linn Energy LLC, Houston, appointed Mark E. Ellis president, succeeding Michael C. Linn. Ellis is also chief operating officer.

Linn Energy to buy Dominion's Midcontinent E&P assets

07/02/2007 Linn Energy LLC agreed to buy certain natural gas and oil exploration and production operations in the MidContinent from Dominion for $2.05 billion.

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected