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Tuesday, 02 December, 2008, 03:50 GMT | more >>

Linn closed $2bn Dominion deal



By Upstream staff 

Houston-based Linn Energy has closed its $2.05 billion deal to buy oil and gas assets of Dominion Resources in the Mid-continent basin of western Texas and Eastern Oklahoma.

"This transforming event for Linn Energy makes us one of the top 20 largest independent oil and gas companies in the United States,” said Michael Linn, chief executive of Linn Energy.

The company also said it had closed a $1.5 billion private placement of equity securities and said it had arranged a new $1.8 billion secured revolving credit facility.

West Virginia-based Dominion has sold off most of its production assets to focus on its power generation and gas storage business.


Friday, 31 August, 2007, 20:37 GMT  | last updated: Friday, 31 August, 2007, 20:37 GMT

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