Linn Energy selling $2.3 billion in assets to finance Devon Energy purchase


HOUSTON (AP) — Linn Energy LLC is selling several assets for $2.3 billion, with proceeds likely to be used to finance its purchase of some U.S. oil and gas properties from Devon Energy Corp.

Linn Energy said Friday that it signed a deal to sell its entire position in the Granite Wash and Cleveland properties in the Texas Panhandle and western Oklahoma to affiliates of EnerVest Ltd. for $1.95 billion. It is also selling its Wolfberry positions in the Permian Basin to Fleur de Lis Energy LLC for $350 million.

Houston-based Linn Energy said the sales are expected to close in the fourth quarter.

- FWBP Digital Partners -

In June Linn Energy agreed to buy properties from Devon Energy including those in the Rockies, onshore Gulf Coast and Mid-Continent region.