Linn Energy will Sell Oil Assets in Granite Wash Area | Russell T. Rudy Energy LLC
Linn Energy LLC has engaged Bank of Nova Scotia and Royal Bank of Canada to manage the sale of its Granite Wash assets in the Texas Panhandle and Western Oklahoma, according to a recent article in “Rigzone”. The Granite Wash is a liquids rich sandstone with production from 10,000 to 16,000 feet. Linn developed their interest in the field with hydraulic fracturing and horizontal drilling. Currently, the assets are generating roughly $400 million in earnings before non-cash charges and taxes.
The sale is expected to raise as much as $2 billion for Linn which will be used to retire the $2.3 billion in debt incurred to previously purchase oil and gas assets from Devon Energy Corp.
To read the article in its entirety, please go to www.rigzone.com/news/oil_gas/a/134564/ .
