U.S. oil and gas producer Linn Energy LLC said it would purchase oil and natural gas assets in the Permian Basin, extending across West Texas and southeast New Mexico, for $525 million to raise its exposure to lucrative oil. The assets are expected to produce about 4,800 barrels of oil equivalent per day in the first 12 months, with 63 percent of the output being oil, Linn said.The deal, expected to close in the fourth quarter, will immediately add to cash available for distribution, the company said.Linn, structured as a limited liability company, distributes most of its earnings directly to investors.
Linn Energy, LLC (LINN Energy) is an independent oil and natural gas company. Shares of LINE remained unchanged at $27.90. In the past year, the shares have traded as low as $20.35 and as high as $42.57. On average, 4156560 shares of LINE exchange hands on a given day and today's volume is recorded at 0.
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