LINN Energy has signed a definitive agreement to sell its interest in properties located in the Williston Basin to an undisclosed buyer for a contract price of $285 million.
The properties to be sold consist of approximately 20,000 net acres in North Dakota, South Dakota and Montana with second quarter net production of approximately 8,000 BOE/d, proved developed reserves of ~20 MMBOE and proved developed PV-10 of approximately $186 million. For the fourth quarter of 2017, the company had budgeted ~$7 million of capital for these properties.
The sale is expected to close in the fourth quarter of 2017 with an effective date of March 1, 2017.
