Linn Energy to Acquire Oil and Gas Properties in the Texas Panhandle for $22.5 Million
HOUSTON, Aug 2, 2007 (PrimeNewswire via COMTEX News Network) -- Linn Energy, LLC (Nasdaq:LINE) announced today that it has signed a definitive purchase agreement to acquire certain oil and gas properties in the Texas Panhandle for $22.5 million, subject to customary closing conditions and purchase price adjustments. The Company anticipates the acquisition will close on or before September 30, 2007 and will be financed with borrowings under Linn Energy's existing credit facility.
During 2007, Linn Energy has built a substantial presence in the Texas Panhandle, and this acquisition represents a bolt-on opportunity that will grow the Company's core position in the Mid-Continent. The acquisition is expected to add over 10,300 gross acres and over 100 producing wells, with net proven reserves of approximately 11 Bcfe.
ABOUT LINN ENERGY
Linn Energy is an independent oil and gas company focused on the development and acquisition of long-lived properties which complement its asset profile in producing basins within the United States. More information about Linn Energy is available on the internet at www.linnenergy.com.
This press release includes "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements include but are not limited to statements about the acquisition announced in this press release and the related financing plans. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to financial performance and results, availability of sufficient cash flow to pay distributions and execute our business plan, prices and demand for oil, gas and natural gas liquids, our ability to replace reserves and efficiently develop our current reserves and other important factors that could cause actual results to differ materially from those projected as described in the Company's reports filed with the Securities and Exchange Commission. See "Risk Factors" in the Company's 2006 Annual Report filed on Form 10-K and other public filings and press releases.
Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to publicly correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE: Linn Energy, LLC
Linn Energy, LLC
Kolja Rockov,Executive Vice President and CFO
281-840-4169
Jeanine DeLay, Manager, Investor Relations
281-840-4144