Midstates to buy Anadarko Basin oil and gas assets for $620 mln

April 4 Thu Apr 4, 2013 6:25am EDT

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April 4 (Reuters) - Midstates Petroleum Co Inc said it will buy oil and gas acreage in the Anadarko Basin in Texas and Oklahoma from Panther Energy LLC and its partners Red Willow Mid-Continent LLC and LINN Energy Holdings LLC for $620 million in cash.

"(The deal) increases our year-end 2012 proved reserves by almost 50 percent, grows our fourth-quarter production by over 50 percent, and nearly doubles our active gross well count," Midstates Chief Executive John Crum said in a statement.

The deal is expected to close by May 31.