Oil and gas exploration and production company Linn Energy LLC said it would buy properties in the Permian and Anadarko basins for $154.5 million.
The company said the deal will be financed with borrowings under its existing credit facility and expects the acquisition to close by Jan. 29, 2010.
The assets have proved reserves of more than 12 million barrels of oil equivalent and a current net production of about 1,700 barrels of oil equivalent per day, the company said.
This acquisition increases our exposure to oil, which offers very attractive margins in the current commodity price environment, Chief Executive Michael Linn said in a statement.
In August, the company said it would acquire oil and natural gas properties in the Permian Basin for $118 million.
Shares of the company closed at $24.81 Monday on Nasdaq. (Reporting by Arundhati Ramanathan in Bangalore; Editing by Anne Pallivathuckal)