Linn Energy LLC, Houston, has agreed to acquire assets in five US operating areas from Devon Energy Corp., Oklahoma City, for $2.3 billion, effective Apr. 1.
The agreement, expected to close in the third quarter, covers 900,000 net acres in the Rockies, Midcontinent, East Texas, North Louisiana, and South Texas regions with 4,500 total wells. Linn says it has identified more than 1,000 future drilling sites and more than 600 recompletion opportunities.
Production from the assets by Devon totals 275 MMcfd of gas equivalent, of which 80% is gas. As of Dec. 31, 2013, proved reserves associated with the properties totaled 1.242 tcfe of gas.
Linn plans to sell its position in the Granite Wash ...