KKR has signed a definitive agreement to acquire certain oil and gas properties in Ector and Midland Counties of the Permian Basin (the 'Assets') from Linn Energy, LLC for $350 million. The transaction, which is expected to close in the fourth quarter, is being made through the KKR Natural Resources' ('KNR') partnership with Fleur de Lis Energy ('FDL') that is focused on pursuing investments in producing North American oil and gas properties.
Commenting on the acquisition, FDL CEO Porter Trimble stated: 'These are high quality assets that fit our acquisition and development strategy perfectly. This field has an extensive geologic column consisting of multiple producing horizons within the Permian Basin. This will allow the FDL team to access over 33 MMBOE of long life reserves.'