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Linn Energy Funds Drilling, Acquisitions with Private Backing
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Linn Energy has announced a partnership with two private equity firms, Quantum Energy Partners and GSO Capital Partners LP.
Quantum Energy Partners will put up $1 Billion for acquisitions GSO Capital Partners will put up $500 Million over a 5 year availability to fund drilling. Linn is spending $520 Million on drilling this year.The company recently acquired bolt-on acreage in an asset swap with ExxonMobil.
Linn also marked the Wolfcamp, SCOOP, Terryville and Altamont as potential acquisition areas.
Quantum agreement:
Quantum has agreed to initially commit up to $1 billion of equity capital to fund acquisitions and development of oil and natural gas assets. LINN will have the ability to participate in all acquisition opportunities with a direct working interest ranging from 15 percent…
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