PXP Sells Oil, Natural Gas Assets For $785M

Law360, New York (November 4, 2011, 1:15 PM EDT) -- Plains Exploration & Production Co. planned to reduce its debt by selling working interests in Texas oil and natural gas properties to Linn Energy LLC and a third party for $785 million in cash, the parties said Friday.

Houston-based PXP, which announced the sales in reporting its third quarter results, said it agreed to sell all of its working interests in its oil and gas properties in the Texas Panhandle area to a Linn affiliate for $600 million. The sale is expected to close in December,...
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