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Linn Energy to sell conventional oil, gas interests in West Texas for $119.5M

Linn Energy Inc. agreed to sell its interest in conventional oil and gas properties in west Texas to an undisclosed buyer for $119.5 million, according to a Feb. 14 news release.

The assets included in the transaction, which would be effective Jan. 1, consist of about 28,000 net acres in west Texas that produced about 6,300 barrels of oil equivalent per day in 2017 and proved reserves of about 14.4 MMboe. Cash flow from the properties is about $32 million annualized, with an estimated annual general administrative expense of about $3 million.

RBC Richardson Barr and Jefferies LLC acted financial advisers, while Kirkland & Ellis LLP acted legal counsel during the transaction, which is expected to close in the first quarter.