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Picture from company presentation

Linn Energy inks $2.3 bln land deal with Devon Energy

John Deede | Shale Plays Media Google+

Linn Energy is increasing its acreage of producing land with the purchase of Devon Energy assets in several areas including the Niobrara, Haynesville, Eagle Ford shale formations. Jeff Reed from OilPro.com reports:

The acquired property encompasses approximately 900,000 net acres across the Rockies, Mid-Continent, east Texas, north Louisiana and south Texas regions with approximately 4,500 total wells.

Thus far, Linn has identified more than 1,000 future drilling sites and over 600 recompletion opportunities.

Picture from company presentation

Picture from company presentation

Linn’s acquisition of Devon’s assets is intended to be ultimately financed via the sale of its Granite Wash assets and other non-producing acreage in Linn’s portfolio. The company says potential excess proceeds from the sale of assets will be allocated initially to cut debt and for “general corporate purposes.”

Read the full article: Linn Takes Out The “Wash” & Inks $2.3 Bln Deal For Devon NAM Assets

Related: Nine Energy Service moves into Eagle Ford

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