LINN Energy, LLC (Nasdaq:LINE) and LinnCo, LLC (Nasdaq:LNCO) announced today that LINN has signed a definitive agreement to acquire assets in five U.S. operating areas from Devon Energy Corporation (NYSE:DVN) for $2.3 billion. The asset package is comprised of approximately 900,000 net acres across the Rockies, Mid-Continent, east Texas, north Louisiana and south Texas regions with approximately 4,500 total wells. LINN has identified over 1,000 future drilling locations and over 600 recompletion opportunities. LINN has secured $2.3 billion of committed interim financing for the acquisition of Devon assets, subject to final documentation. The financing was lead arranged by Scotiabank and included Barclays, RBC Capital Markets and Wells Fargo.
Baker Botts represented LINN in the acquisition and financing.
Baker Botts Lawyers/Office Involved: Kelly Rose (Partner, Houston); Martin Toulouse (Partner, New York); Shalla Prichard (Partner, Houston); James Chenoweth (Partner, Houston); Matthew Larsen (Partner, Dallas); Travis Wofford (Associate, Houston); Zachary Pullin (Associate, Houston); Peter Glenn (Associate, New York).
