LINN Energy to Acquire Texas Basin Assets

LINN Energy will acquire oil and natural gas assets in the Permian Basin in Texas, US, for $90m.

The assets in the basin will have a net production of about 950 barrels of oil equivalent per day and has potential proven reserves of about seven million barrels of oil equivalent.

LINN Energy president and CEO Mark Ellis said that the acquisition increases the company’s exposure to oil and adds over 50 proven low-risk infill drilling opportunities, which could be significantly increased as a result of further downspacing.

LINN is an independent oil and natural gas development firm with 1.7tcfe of proved reserves in producing US basins as of 2009.