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LINN Energy to sell its asset for 2.3 billion


Published Oct 6, 2014
LINN Energy

LINN Energy, LLC and LinnCo, LLC says that LINN has signed a definitive agreement to sell its entire position in the Granite Wash and Cleveland plays located in the Texas Panhandle and western Oklahoma to privately held institutional affiliates of EnerVest, Ltd., for a contract price of $1.95 billion. LINN also announced today that it has signed a definitive agreement with Fleur de Lis Energy, LLC to sell its Wolfberry positions in Ector and Midland counties in the Permian Basin for a contract price of $350 million.

Proceeds from these sales are expected to finance the Company's $2.3 billion acquisition of assets from Devon Energy Corporation, which closed in August 2014. Both of today's announced sales are expected to be tax efficient upon successful completion of a reverse 1031 like-kind exchange.

Tags: Linn Energy




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