Linn Energy Inc. (OTC: LNGG) picked up where it left off in December, agreeing to sell its interests in the Altamont Bluebell Field in Utah to an undisclosed buyer for $132 million, the company said Jan. 16.

Linn spent 2017 cleaning house, with the company selling or agreeing to sell $1.72 billion in assets, including a December deal for its Oklahoma waterflood and Texas Panhandle properties.

Once a prodigious acquirer—in a nine-month span from 2013 through September 2014, Linn purchased $7.7 billion in assets—the former MLP-structured company has turned about following its February 2017 emergence from bankruptcy.

Linn Energy: Altamont Bluebell Field Divestiture

Linn’s Bluebell Field includes 36,000 net acres with average third-quarter 2017 production of 1,450 barrels of oil equivalent per day (boe/d), the company said. The position’s proved developed reserves are an estimated 5.8 MMboe.

Linn is actively marketing its Permian Basin assets in Texas and New Mexico and the Drunkards Wash coalbed methane development in Utah.

Linn’s divestitures are part of a plan to further separate into three companies this year, including Roan Resources LLC, which will operate as a pure-play in the Merge, Scoop and Stack. Linn also has a 105,000 net-acre position in the northwest Stack.

Linn Energy Overview Map

As of Jan. 9, Roan’s net production averaged 40,000 boe/d. The company has five active rigs and three frack crews.

Linn said it expects the Bluebell sale to close in first-quarter 2018 with an effective date of Aug. 1, 2017.

CIBC Griffis & Small and Jefferies LLC acted as co-financial advisers and Kirkland & Ellis LLP as legal counsel during the transaction.

Darren Barbee can be reached at