Linn Energy Picks Up Permian Basin Gas Field For $305M

Law360, New York (March 29, 2010, 11:39 AM EDT) -- Houston-based Linn Energy LLC has announced plans to acquire oil and natural gas properties in the Permian Basin for $305 million, a move that will significantly increase the company’s presence in that region.

Linn Energy announced the purchase from an undisclosed seller Monday. The deal is subject to customary closing conditions and expected to close on or before May 27.

The purchase will be financed with proceeds from borrowings under its revolving credit facility, Linn Energy said Monday.

"This bolt-on acquisition is expected to double Linn’s...
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