Linn Energy Inc. is having an unstoppable May, crossing the $900 million mark in divestments—with one day remaining in the month.
Denbury Resources Inc. (NYSE: DNR) said May 30 it agreed to buy Linn’s Salt Creek Field in Wyoming. Denbury will pay $71.5 million to acquire 23% nonoperated working interest in the CO₂ flood assets from Linn subsidiaries.
The acquisition pushes Denbury’s indebtedness up by an additional 7% and increases the importance of company asset sales. Linn, at the same time, will see its debt eliminated through another May divestiture.
Linn has announced three agreements this month to sell noncore assets for $916 million. Overall, the company is offering for sale roughly 248,000 net acres in the Williston and Permian basins and
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Source: Daily Dose of ShaleDirectories.com News