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Linn Energy buying BP fields for $1 bln

6/25/12 9:24 AM ET (MarketWatch)

NEW YORK (MarketWatch) -- Linn Energy LLC said Monday it'll pay $1.03 billion to buy properties in the Jonah Field in the Green River Basin of Wyoming from BP America Production Company, a unit of BP PLC . The deal is expected to close by July 31. The Houston firm said it'll tap into its revolving credit facility to make the purchase. Linn Energy said the acquisition will add about 145 million cubic feet equivalent per day of liquids-rich natural gas production. The deal will immediately add to Linn Energy's distributable cash flow per unit, plus it offers "significant future drilling inventory."