Linn Energy LLC (NASDAQ: LINE) and LinnCo LLC (NASDAQ: LNCO) announced Dec. 15 that it closed the sale of its entire position in the Granite Wash and Cleveland plays located in the Texas Panhandle and western Oklahoma to EnerVest Ltd. and FourPoint Energy LLC for $1.95 billion.

In addition, on Nov. 14, Linn closed the sale of its Wolfberry positions in Ector and Midland counties, Texas, in the Permian Basin to Fleur de Lis Energy LLC for $350 million.

The sales are expected to be tax efficient upon successful completion of a reverse 1031 like-kind exchange.

The Houston company intends to use combined net proceeds from these sales to repay in full the $1.3 billion term loan, which is the only remaining interim financing from its $2.3 billion acquisition from Devon Energy Corp., which closed on Aug. 29, and reduce borrowings under its revolving credit facility.

Following repayment of the term loan and a portion of the indebtedness under its revolving credit facility with proceeds from these asset sale transactions, Linn has pro forma liquidity of about $2.4 billion as of Sept. 30.

On Nov. 21, Linn closed the trade with ExxonMobil Corp. (NYSE: XOM) whereby Linn received ExxonMobil's interest in California's South Belridge Field and ExxonMobil received production and acreage prospective for horizontal Wolfcamp drilling in the Permian Basin.