Linn closes sale of Uinta basin assets to Silverpeak

April 6, 2018
Linn Energy Inc., Houston, has closed on the sale of certain Uinta basin assets to Silverpeak, a New York-based investment management firm, for $132 million. The sale, though not the buyer, was disclosed by Linn in January.

Linn Energy Inc., Houston, has closed on the sale of certain Uinta basin assets to Silverpeak, a New York-based investment management firm, for $132 million. The sale, though not the buyer, was disclosed by Linn in January (OGJ Online, Jan. 16, 2018).

Located in Utah’s oil-rich Altamont Bluebell field, the assets are comprised of 36,000 net acres, including 27,000 undeveloped acres. The acreage includes 116 proved developed producing wells with work-over and development opportunities, Silverpeak said.

Silverpeak sees growth potential through operational and well maintenance improvements, said Harsh Rameshwar, a partner in Silverpeak’s energy business, “and an active development program using proven production technologies and methodical subsurface engineering.” The assets will be managed by Altamont Energy, a recently formed affiliate of Silverpeak.

In an investor presentation dated Feb. 27, Linn Energy noted closed or pending assets sales of $1.9 billion as part of its plan to separate into three standalone companies during 2018: Roan Resources LLC, Blue Mountain Midstream LLC, and NewCo (OGJ Online, June 28, 2017, July 14, 2017). Linn Energy Inc., the reorganized successor to Linn Energy LLC, and its affiliates emerged from Chapter 11 restructuring in March 2017 (OGJ Online, Mar. 1, 2017).

Contact Mikaila Adams at [email protected].