Linn Energy Inc. agreed to divest its Oklahoma Waterflood and Texas Panhandle properties to an undisclosed buyer for $122 million in a deal set to significantly cut its future abandonment liabilities and operating expenses.
The combined assets consist of about 179,000 net acres in Oklahoma and Texas with third-quarter net production of about 5,200 barrels of oil equivalent per day, according to a Dec. 19 news release.
The Houston-based Linn Energy is focused primarily on the development of the Merge/SCOOP/STACK in Oklahoma through its equity interest in Roan Resources and its midstream operations in that area.
