Linn Energy to sell $2.3B in assets to EnerVest, Fleur de Lis Energy to finance Devon Energy deal

Houston-based Linn Energy LLC Nasdaq: LINE and LinnCo LLC Nasdaq: LNCO said Oct. 3 that Linn has two separate deals to sell $2.3 billion of assets in Texas and western Oklahoma.The proceeds are expected to finance Linn’s $2.3 billion acquisition of assets from Oklahoma City-based Devon Energy Corp. NYSE: DVN, which closed in August.In one transaction, Linn will sell its entire position in the Granite Wash and Cleveland plays in the Texas Panhandle and western Oklahoma to privately held institutional affiliates of Houston-based EnerVest Ltd. for $1.95 billion. Additionally, Linn will sell its Wolfberry positions in Ector and Midland counties in the Permian Basin to Dallas-based Fleur de Lis Energy LLC for $350 million.

via Linn Energy to sell $2.3B in assets to EnerVest, Fleur de Lis Energy to finance Devon Energy deal – Houston Business Journal.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s