HOUSTON, July 1, 2008 (PRIME NEWSWIRE) -- Linn Energy, LLC (Nasdaq:LINE) today announced that it has closed the previously announced sale of its oil and gas properties in the Appalachian Basin to XTO Energy Inc. (NYSE:XTO) 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."
ABOUT LINN ENERGY
Linn Energy is an independent oil and gas company focused on the development and acquisition of long life properties which complement its asset profile in producing basins within the United States. More information about Linn Energy is available on the internet at www.linnenergy.com.
This press release includes "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements in this press release include but are not limited to statements about future distributions. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to financial performance and results, availability of sufficient cash flow to pay distributions and execute our business plan, prices and demand for gas, oil and natural gas liquids, our ability to replace reserves and efficiently develop our current reserves and other important factors that could cause actual results to differ materially from those projected as described in the Company's reports filed with the Securities and Exchange Commission. See "Risk Factors" in the Company's 2007 Annual Report on Form 10-K and any other public filings and press releases.
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