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Creates One of the Largest Independent Oil and Natural Gas Companies in North America
First Ever Acquisition of a Public C-Corp by an Upstream LLC or MLP
HOUSTON and DENVER, Dec. 16, 2013 (GLOBE NEWSWIRE) -- LINN Energy, LLC (Nasdaq:LINE) and LinnCo, LLC (Nasdaq:LNCO) announced today the successful completion of the previously announced merger between LinnCo and Berry Petroleum Company (NYSE:BRY). Under the terms of the agreement, LinnCo has acquired all of Berry's outstanding shares. Pursuant to the terms of the contribution agreement between LINN Energy and LinnCo, LinnCo has contributed Berry to LINN Energy in exchange for the issuance of LINN Energy units. Berry will remain an indirect wholly-owned subsidiary of LINN Energy with the name Berry Petroleum Company, LLC.
"We are pleased to complete the combination of LINN Energy and Berry's highly complementary assets to create one of the largest independent oil and natural gas companies in North America," said Mark E. Ellis, Chairman, President and Chief Executive Officer. "This transaction positions our company for great success in the future as we continue to drive long-term value for our investors. Berry's long life, low decline assets are a perfect fit with LINN Energy. We are excited to welcome the Berry employees to the LINN Energy team as we continue to build our leading position in the industry."