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LINN Energy closes $285M Williston Basin asset sale

LINN Energy Inc. closed its divestiture of Williston Basin assets to the Oklahoma-based exploration and production company Valorem Energy LLC for $285 million.

The sale is part of LINN's ongoing noncore asset divestiture plan. Under the deal, Valorem acquired interests in about 20,000 net acres in North Dakota, South Dakota and Montana, with 8,750 barrels of oil equivalent per day of estimated net production for the third quarter. The sale's effective date is March 1.

JP Morgan Chase Bank NA, Citigroup Global Markets Inc. and Wells Fargo Securities LLC acted as joint lead arrangers on Valorem's debt financing, while Vinson & Elkins LP served as legal counsel.

Valorem Energy is backed by Kayne Anderson Capital Advisors LP's Kayne Private Energy Income Fund LP.