Houston-based Linn Energy Inc. inked another deal to sell off assets, one of many announced since the company exited bankruptcy in February, the Houston Business Journal reported. An undisclosed buyer will acquire Linn’s Oklahoma Waterflood and Texas Panhandle properties for $122 million, according to a press release. The deal is expected to close in the first quarter of 2018. Combined, the properties consist of about 179,000 net acres in Oklahoma and Texas. They had third-quarter net production of about 5,200 barrels of oil equivalent per day and proved developed reserves of about 22.8 million barrels of oil equivalent. Their annualized field-level cash flow is about $21 million, not including about $4 million to $6 million in annual general and administrative expenses. In its press release, Linn notes that “the sale of these mature assets substantially reduces the company’s future abandonment liabilities and operating expenses.” As of early October, Linn had announced asset sales totaling more than $1.3 billion. Another divestiture was announced less than a month later.
