Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
CASPER, Wyo. (AP) — Jonah Energy has announced it will acquire 1,200 producing wells and 27,000 acres of natural gas and oil producing properties from Linn Energy in southwest Wyoming.
The wells and properties in the $580 million deal are located in the Jonah and Pinedale fields.
Jonah Energy CEO Tom Hart says once the deal is final the Denver-based company will operate the vast majority of acreage and production in one of the most prolific natural gas fields in North America.
Hart says the company plans a robust development program in the fields, starting later this year.
Linn Energy CEO Mark Ellis says the sale will allow the Houston-based company to significantly reduce leverage and improve financial flexibility.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
