Reuters is reporting: Linn Energy is buying Berry Petroleum.
Oil and gas producer Linn Energy LLC said it would buy Berry Petroleum Co in an all-stock deal valued at $4.3 billion including debt, giving it more exposure to lucrative liquids that will help it raise production by 30 percent.
Berry shareholders will receive the equivalent of about $46.24 per share, a 19.8 percent premium to the stock's closing price of $38.59 on Wednesday on the New York Stock Exchange.
Berry's profile from Yahoo!Financial:
Berry Petroleum Company, an independent energy company, engages in the
acquisition, exploitation, exploration, production, and development of
crude oil and natural gas in the United States. Its principal reserves
and producing properties are located in California, Texas, Utah, and
Colorado. As of December 31, 2011, the company had working interests in
2,867 net productive oil wells and 282 net productive natural gas wells;
and proved undeveloped reserves of 130.1 million barrels of oil
equivalent. It sells its crude oil and gas to marketing companies or
refiners. The company is also involved in the generation and sale of
electricity to public utilities. Berry Petroleum Company was founded in
1909 and is headquartered in Denver, Colorado.
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