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.