News Releases

Baker Botts Client LINN Energy Announces $340 Million Acquisition of Hugoton Basin Assets from Pioneer Natural Resources

Release

 

HOUSTON, August 6, 2014 -- On Aug. 4, 2014, LINN Energy, LLC (Nasdaq:LINE) (“LINN”) and LinnCo, LLC (Nasdaq:LNCO) (“LinnCo”) announced that LINN signed a definitive purchase agreement to acquire assets in the Hugoton Basin from Pioneer Natural Resources Company (NYSE:PXD) (“Pioneer”) for a contract price of $340 million. The assets are currently producing approximately 40 MMcfe/d, approximately 60 percent of which is natural gas, with a shallow base decline of approximately six percent. Total proved reserves are estimated to be approximately 340 Bcfe (approximately 95 percent PDP). The asset package is comprised of approximately 235,000 net acres, all held by production, with approximately 1,200 producing wells. LINN has identified 180 future drilling locations and 150 recompletion opportunities. The acquisition is anticipated to close in the third quarter of 2014 with an effective date of July 1, 2014.

Baker Botts provided tax and antitrust advice to LINN in connection with the transaction.

Baker Botts Lawyers/Office Involved:
Tax: James Chenoweth (Partner, Houston); Matt Larsen (Partner, Dallas); Zack Pullin (Associate; Houston); Tara Lancaster (Associate, Dallas
Antitrust: Paul Cuomo (Partner, Washington); Michael Bodosky (Special Counsel, Washington); Vishal Mehta (Associate, Washington)

# # #

About Baker Botts L.L.P.
Baker Botts is an international law firm of approximately 700 lawyers practicing throughout a network of 15 offices around the globe. Based on our experience and knowledge of our clients’ industries, we are recognized as a leading firm in the energy, technology and life sciences sectors. Throughout our 174-year history, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit BakerBotts.com.

 

Practices