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    LINN Energy to sell assets in Texas Panhandle and western Oklahoma

    LINN Energy LLC

    LINN Energy LLC has hired banks to sell its oil production assets in the Texas Panhandle and western Oklahoma in an auction that could raise as much as $2 billion, according to a Reuters report.

    The company plans to sell these Granite Wash assets to pay back debt it took on to finance its $2.3 billion acquisition of oil and gas assets from Devon Energy Corp.

    Reuters says that LINN has turned to Bank of Nova Scotia and Royal Bank of Canada to identify prospective buyers and manage the sale process of the Granite Wash assets, which have roughly $400 million in annual earnings before taxes, depreciation, and amortization. The assets could bring between $1.5 billion and $2 billion.

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