Linn Energy Enters Green River Basin, To Buy BP's Jonah Field Properties

Linn Energy LLC, Houston, (Nasdaq: LINE) plans to enter the Green River Basin of southwestern Wyoming via an acquisition in Jonah Field from BP America Production Co. for $1.025 billion in cash.

The assets include approximately 750 producing wells on more than 12,500 net acres. Current production is about 145 million cubic feet equivalent per day (55% operated by production), with a decline rate of approximately 14%. Proved reserves are approximately 730 billion cubic feet equivalent (56% proved developed producing). About 73% of the reserves are natural gas, 23% liquids and 4% oil. Identified resource potential is 1.2 trillion cubic feet equivalent.

Upside includes 650 drilling locations.