Linn Energy company to acquire Pioneer Natural Resources assets for $340 million

Linn Energy LLC Nasdaq: LINE said on Aug. 4 that it will buy assets in the Hugoton Basin from Pioneer Natural Resources Co. NYSE: PXD for $340 million.The assets are producing about 40 million cubic feet equivalent of gas per day, the company said, with 60 percent of that made up of natural gas. Linn said the total proved reserves were 40 billion cubic feet of gas equivalent.The company will get 235,000 acres with about 1,200 wells, and Linn said it identified 180 future future drill sites and 150 recompilation opportunities.

via Linn Energy company to acquire Pioneer Natural Resources assets for $340 million – Houston Business Journal.

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