Linn Energy to buy oil and gas assets for $525 mln

Sept 12 Thu Sep 12, 2013 7:15am EDT

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Sept 12 (Reuters) - U.S. oil and gas producer Linn Energy LLC said it would buy 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.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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