Private equity-backed US player Rock Oil has bought out US independent Linn Energy’s remaining position in the Permian basin for $281 million.
Linn, which announced the transaction, did not name the buyer, but Upstream sources suggested that Rock Oil, which operates in Texas as JPM EOC Operating, had signed the deal.
The asset package includes 6400 net acres in Howard County, Texas, on the Midland side of the Permian basin that are prospective for horizontal Wolfcamp shale development and about 2000 barrels of oil equivalent per day of current production from 133 gross wells.
