Linn Energy to divest Altamont Bluebell field interest

Jan. 16, 2018
Linn Energy Inc., Houston, signed an agreement to sell its interest in properties in Altamont Bluebell field in the Uinta basin to an undisclosed buyer for $132 million.

Linn Energy Inc., Houston, signed an agreement to sell its interest in properties in Altamont Bluebell field in the Uinta basin to an undisclosed buyer for $132 million.

The properties consist of 36,000 net acres in Utah with third-quarter 2017 net production of 1,450 boe/d, proved developed reserves of 5.8 million boe, and proved developed PV-10 of $75 million with annualized field level cash flow of $8.4 million.

The deal has an effective date of Aug. 1 and is expected to close in this year’s first quarter.

The deal follows the October 2017 agreements to sell nonoperated Williston basin interest for $285 million and Washakie field interests for $200 million, all part of a noncore divestiture program ongoing since the company’s emergence from bankruptcy in February 2017 (OGJ Online, Oct. 23, 2017;Oct. 4, 2017). Linn continues to market its remaining noncore assets in the Permian along with its mature waterfloods in Oklahoma.