Houston-based Linn Energy said Monday it has signed a definitive agreement to sell its interest in properties in the Williston Basin for $285 million to an undisclosed buyer.
The properties cover about 20,000 net acres in North Dakota, South Dakota and Montana. Net production in 2Q2017 was approximately 8,000 boe/d, with proved developed reserves of 20 MMboe and proved developed PV-10 of $186 million, Linn said.
For the fourth quarter, $7 million had been budgeted to develop the properties.
The sale is expected to close before the end of the year with an effective date of March 1, 2017.
Linn, formerly one of the biggest leaseholders in the U.S. onshore, has been culling its assets for months sinceemerging from bankruptcy earlier this year. The portfolio has been stripped to pay down debt.
Linn has since zeroed in on Midcontinent prospects, agreeing in June to partner with privately held Tulsa-based Citizen Energy II LLC to formRoan Resources LLC, which is working in several Oklahoma counties.
The company recently secured $200 million for theWashakie field in Wyoming. Those properties cover 163,000 net acres, with second quarter production of 66 MMcfe/d net, proved reserves of 226 Bcfe and proved developed reserves estimated at $102 million.
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