LINN Energy has signed a definitive purchase agreement with Panther Energy and Red Willow Mid-Continent to acquire 40% of their oil and natural gas properties located in Texas and Ellis County, US, for $220m.
The assets cover a total gross area of 566km² and have reserves of about ten million barrels of oil equivalent.
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The assets have a net production capacity of approximately 2,700 barrels of oil per day from 170 wells, and consist of more than 165 proved, low-risk infill drilling locations.
LINN Energy president and CEO Mark Ellis said the acquisition will increase the firm’s overall position in the Texas Panhandle area, providing a high rate-of-return to projects.
