LINN Energy has signed a definitive agreement to sell its interest in conventional properties located in west Texas to an undisclosed buyer for a contract price of $119.5 million, subject to closing adjustments. The properties to be sold consist of approx. 28,000 net acres in west Texas with 2017 net production of approx. 6,300 BOE/d, proved developed reserves of ~14.4 MMBOE and proved developed PV-10 of approx. $106 million. Annualized field level cash flow on these properties is approx. $32 million. Estimated annual general and administrative expense for these properties is approx. $3 million, which is not included in the field level cash flow estimates provided. The sale is expected to close in the first quarter of 2018 with an effective date of January 1, 2018. This transaction is subject to satisfactory completion of title and environmental due diligence, as well as the satisfaction of closing conditions. RBC Richardson Barr and Jefferies LLC acted as co-financial advisors and Kirkland & Ellis LLP as legal counsel during the transaction. Original article link Source: LINN Energy 
Linn Energy will sell its conventional west Texas properties (28 000 net acres with a net production of 6300 boe/d.) to an undisclosed buyer for US$119,5 MM.