Kirkland Counsels LINN Energy on Sale of West Texas Properties for $119.5 Million

Kirkland & Ellis LLP represented LINN Energy, Inc. (OTCQB:LNGG) (LINN or the Company) on its definitive agreement to sell its interest in conventional properties located in west Texas to an undisclosed buyer for a contract price of $119.5 million, subject to closing adjustments. The properties to be sold consist of approximately 28,000 net acres in west Texas with 2017 net production of approximately 6,300 BOE/d, proved developed reserves of ~14.4 MMBOE(1) and proved developed PV-10 of approximately $106 million. Annualized field level cash flow on these properties is approximately $32 million. Estimated annual general and administrative expense for these properties is approximately $3 million, which is not included in the field level cash flow estimates provided. The full release is available here.

The Kirkland team was led by corporate partners Rahul Vashi and Anthony Speier and associates Lindsey Jaquillard and RJ Malenfant.