Linc Energy To Buy 14 ERG Oil Fields For $236M

Law360, New York (June 7, 2011, 2:11 PM EDT) -- Australia’s Linc Energy Ltd. said Tuesday it would acquire 14 oil fields in coastal Texas and Louisiana for $236 million from ERG Resources LLC, in a critical bid to boost oil production and strengthen cash flow.

The deal — which includes pipelines, processing facilities and related infrastructure — would immediately give Linc access to fields in Gulf Coast onshore and inland waters regions that are producing 3,300 barrels of oil per day, as the company focuses on new long-term goals.

“This acquisition is the next big...
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