JPT Linn Energy Selling Spree Tops $1 Billion With Sale of Bakken Assets

Pam Boschee

SPE.org 

In its latest sale since financial restructuring in February, Linn Energy sold its Williston Basin properties to an undisclosed buyer for $285 million. The company entered the Bakken in early 2011 with the purchase of the assets from Concho Resources for $196 million. This deal brings Linn’s year-to-date total sales agreements to more than $1.5 billion. The company’s restructuring, the intent of which was to transition it from an upstream limited partnership to a growth-oriented E&P company, reduced its debt by more than $5 billion to a total of $1 billion. With the sale of the Jonah, South Belridge, and Salt Creek assets, the company eliminated all remaining outstanding debt.