Texas-based LINN Energy has agreed to purchase oil properties in the Bakken play from Concho Resources for $196 million. The properties will be non-operated and are expected to add current net production of approximately 1,350 Boe/d (94 percent oil), proved reserves of approximately 8 MMBoe (83 percent oil) and more than 400 potential oil drilling locations to LINN's holdings.The Company anticipates this acquisition will close on or before March 31, 2011. Read more...
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