Linn to Sell Oklahoma Assets to Laredo Petroleum

Linn Energy, LLC will sell certain of its assets in the Verden area in Oklahoma to Tulsa-based Laredo Petroleum, Inc. for cash consideration of $185 million, the company announced today.
The assets include approximately 50,000 net acres and proved reserves, as estimated by a third-party engineering firm, of approximately 45 billion cubic feet of natural gas equivalent and currently produce approximately 12 million cubic feet of natural gas equivalent per day.
As part of the sale, Linn Energy will retain the option to participate in future qualifying Verden wells after a substantial portion of the drilling risk has been mitigated. The effective date of the transaction is July 1, 2008 and Linn Energy anticipates closing during the third quarter 2008.

Was this article helpful?

Related Articles

Leave A Comment?