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.
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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.
