Linn Energy Inc. (OTC: LNGG) said Dec. 19 it will close out an already blockbuster 2017 of A&D activity with yet another asset sale as it continues the transformation it embarked on earlier this year.
The Houston-based company agreed to sell its Oklahoma waterflood and Texas Panhandle properties to an undisclosed buyer for $122 million. Combined the assets cover roughly 179,000 net acres with net production of about 5,200 barrels of oil equivalent per day (boe/d) for third-quarter 2017.
Since exiting bankruptcy reorganization in February 2017, Linn has focused on transforming itself from an MLP with assets scattered across the Lower 48 to a streamlined, growth-oriented E&P. As a result, the company has divested or agreed to sell more than $1.6 billion in noncore assets so far this year.
Source: Daily Dose of ShaleDirectories.com News
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