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Thursday, April 28, 2011

REFILE-Linn Energy expands footprint in Bakken play; Q1 misses

Independent explorer and producer Linn Energy said it agreed to purchase assets in North Dakota's Bakken shale for $163 million, continuing a buying spree of oil- and natural gas-liquids rich properties, but its quarterly profit fell below estimates. Natural gas prices NGc1 averaged $4.19 per million British thermal units during January-March, down 19 percent from last year. U.S. crude oil prices CLc1, meanwhile, soared by about a fifth to average $94.60 a barrel. This has pushed companies like Linn to increase their oil and natural gas liquids mix in their total output. In February, Linn Energy added assets worth $434 million in the Bakken shale and the Permian Basin, located in the south of the US, centered around Texas, in three separate deals.