M&A

1 December, 2009

UPDATE 1-Linn to buy Anadarko, Permian assets for $154.5 mln

* Deal to be financed using existing credit facility

* Expects deal to close by Jan. 29, 2010

* Says acquisition to increase exposure to oil

Dec 1 (Reuters) - Oil and gas exploration and production company Linn Energy LLC (LINE.O) said it would buy properties in the Permian and Anadarko basins for $154.5 million.

The company said the deal will be financed with borrowings under its existing credit facility and expects the acquisition to close by Jan. 29, 2010.

The assets have proved reserves of more than 12 million barrels of oil equivalent and a current net production of about 1,700 barrels of oil equivalent per day, the company said.

"This acquisition increases our exposure to oil, which offers very attractive margins in the current commodity price environment," Chief Executive Michael Linn said in a statement.

In August, the company said it would acquire oil and natural gas properties in the Permian Basin for $118 million.

Shares of the company closed at $24.81 Monday on Nasdaq. (Reporting by Arundhati Ramanathan in Bangalore; Editing by Anne Pallivathuckal) ((arundhati.ramanathan@thomsonreuters.com; within U.S. +646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: arundhati.ramanathan.reuters.com@reuters.net))

Source: http://www.reuters.com