Linn Energy LLC (LINE) closed the $281 million sale of its remaining position in the Permian Basin, the company and subsidiary LinnCo LLC said Sept. 1. The amount is a contract price subject to pre- and post-closing adjustments.
The properties in Howard County, Texas, cover about 6,400 net acres prospective for horizontal Wolfcamp drilling. About 2 thousand barrels of oil equivalent per day are currently produced from 133 gross wells, the companies said.
RBC Richardson Barr was the financial adviser for the transaction.
Houston-based Linn Energy LLC produces domestic oil and natural gas.
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