LINN Energy acquires Permian basin properties worth $525 million
HOUSTON -- LINN Energy has signed a definitive purchase agreement to acquire oil and natural gas properties located in the Permian Basin for a contract price of $525 million, subject to closing conditions. The Company anticipates the acquisition will close during the fourth quarter of 2013 and will be financed primarily with proceeds from a committed term loan to be entered into at closing.
"This bolt-on acquisition in the Permian Basin is an attractive addition to our assets in the area. This acquisition increases our exposure to oil and adds more than 300 proved low-risk infill drilling opportunities as well as future waterflood potential," said Mark E. Ellis, Chairman, President and Chief Executive Officer.