Linn Energy, LLC has closed the previously announced sale of its oil and gas properties in the Appalachian Basin to XTO Energy Inc. for the contract price of approximately $600 million.
"We have achieved another important step in optimizing our asset base to focus on low risk development opportunities," said Michael C. Linn, Chairman and Chief Executive Officer of Linn Energy. "The closing of the Appalachian sale and the anticipated closing of the Verden property sale, as well as the recent bond offering, will provide significant financial flexibility that can be used to fund future growth opportunities."
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