Linn closes sale of Appalachian properties

Linn Energy, LLC, an independent oil and gas company focused on the development and acquisition of long life properties which complement its asset profile in producing basins within the United States, has closed the previously announced sale of its oil and gas properties in the Appalachian Basin to XTO Energy Inc.

The deal price is worth $600 million.

Michael C. Linn, Chairman and Chief Executive Officer of Linn Energy said, we have achieved another important step in optimising our asset base to focus on low risk development opportunities.

The closing of the Appalachian sale and the anticipated closing of the Verden property sale, as well as the recent bond offering, will provide significant financial flexibility that can be used to fund future growth opportunities, he concluded.