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Friday, October 3, 2014

Linn Energy to raise $2.3 billion from asset sales, (NYSE: DVN), (NASDAQ: LINE)

Linn Energy LLC said it had struck deals to sell oil and gas assets in Texas and western Oklahoma for $2.3 billion to repay debt taken to purchase assets from Devon Energy Corp.Linn bought natural gas-rich assets across the Rockies, onshore Gulf Coast and some mid-continent regions from Devon. The transaction closed in August.Linn will sell all its Granite Wash and Cleveland properties to affiliates of investment group EnerVest Ltd for $1.95 billion, the oil and gas producer said on Friday.The properties span 145,000 net acres and produce 195 million cubic feet of natural gas equivalent per day. Linn is also selling related midstream facilities.

Devon Energy Corporation (Devon) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids (NGLs). Shares of DVN fell by 0.76% or $-0.51/share to $66.56. In the past year, the shares have traded as low as $57.67 and as high as $80.63. On average, 2707350 shares of DVN exchange hands on a given day and today's volume is recorded at 3325538.

Linn Energy, LLC (LINN Energy) is an independent oil and natural gas company. Shares of LINE fell by 1.69% or $-0.5/share to $29.08. In the past year, the shares have traded as low as $25.91 and as high as $34.08. On average, 1182310 shares of LINE exchange hands on a given day and today's volume is recorded at 3590485.



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