By Houston Business Journal

LINN Energy LLC has signed an agreement to purchase East Texas oil and gas deposits for $95 million.

The Houston-based independent oil and gas developer did not disclose the seller.

LINN (NASDAQ: LINE) said it expects the deal to close by October and will be financed though cash and the companyâ¿¿s revolving credit facility.

The property, located in the East Texas Oil Field in Gregg and Rusk counties, has a current net production of about 900 barrels of oil equivalent per day and about 8 million barrels of oil equivalent in proved reserves.

LINN Energy is an independent oil and gas developer. Earlier this month, the company signed a $90 million deal to purchase oil and natural gas properties in the Permian Basin.

Copyright 2010 American City Business Journals
Copyright 2010