Houston-based LINN Energy (NASDAQ: LINE) closed a deal Monday selling its assets in the Granite Wash and Cleveland plays for $1.95 billion. The plays, which are located in parts of Texas and Oklahoma, were sold to privately held affiliates of Houston-based EnerVest, Ltd. and FourPoint Energy, LLC.
Back in November, LINN closed a deal at a contract price of $350 million, selling its Wolfberry positions in the Permian Basin to Dallas-based Fleur de Lis Energy, LLC.
The company will use the net proceeds from both sales to pay off the $1.3 billion term loan from its $2.3 billion acquisition of Oklahoma City-based Devon Energy Corporation (NYSE: DVN). As a result, the pay off of the loan reduced borrowings under its revolving credit facility.
LINN is a top-15 U.S. independent oil and natural gas company and focuses on the development and acquisition of long-life properties within the U.S.