Deals this week: Linn Energy, NGL Energy Partners, Enduro Resource Partners

Linn Energy has agreed to dispose its interest in the oil and gas properties located in Orange County and Los Angeles in the Los Angeles Basin, California, US, for $107m, through its wholly owned subsidiaries Linn Energy Holdings, Linn Operating, and Linn Midstream.

The assets include approximately 2,000 net acres in the Brea-Olinda field. The proven developed reserves of the properties are estimated to be approximately 17.6 million metric barrels of oil equivalent (mmboe).

Linn Energy will exit from California upon completion of the transaction.

NGL Energy Partners has announced the pricing of class B fixed-to-floating rate cumulative redeemable perpetual preferred units.

The company intends to raise $185m through the issue of 7.4 million units at a price of $25 a unit, in an underwritten public offering.

The underwriter for the offering has also been granted a 30-day option to buy up to 1.11 million additional units, which yield a dividend rate of 9% a year.

UBS Securities, Morgan Stanley & Co. and RBC Capital Markets are the joint book-running managers, while Stifel, Nicolaus & Company, Incorporated is the underwriter to NGL for the offering.

The proceeds from the offering are intended to be used by the company to reduce its indebtedness under revolving credit facility and for general partnership purposes.

The public offering is scheduled for completion on 13 June.

Enduro Resource Partners has agreed to dispose certain oil and gas properties in the Permian Basin, Texas, and New Mexico, US, for $50.4m.

The assets encompass 5,078 net undeveloped acres located across eight counties in the Permian Basin. The total reserves of the properties are estimated to be 254mmboe.

USD Partners intends to raise $34.8m through the issue of three million common units, at a price of $11.6 a unit, in a public offering.

Goldman Sachs & Co. is the underwriter and Latham & Watkins is the legal advisor to the company for the issue. The underwriter has a 30-day option to buy an additional 450,000 units.

The proceeds from the offering are intended to be used by USD Partners for general partnership purposes, including the repayment of outstanding liability under its revolving credit facility.

Oilex plans to dispose its 40% stake in the Bhandut gas field located in Gujarat, India. The field extends over an area of 1,483 acres near the Lakshmi, Gauri and Hazira fields.

Oilex currently holds 40% stake and operatorship, while the remaining 60% stake is owned by Gujarat State Petroleum Corporation.