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In a non-binding letter of intent, private capital investor Quantum Energy Partners agreed to form an alliance with Houston-based exploration and production company Linn Energy in providing up to $1 billion of equity capital for future oil and gas acquisition and development.

Linn and Quantum in acquisition alliance

USA

HOUSTON, March 25, 2015 – In a non-binding letter of intent, private capital investor Quantum Energy Partners agreed to form an alliance with Houston-based exploration and production company Linn Energy in providing up to $1 billion of equity capital for future oil and gas acquisition and development. Linn will manage these assets and will have a direct working interest of 15 percent to 50 percent in projects funded by Quantum.

 

In a company statement, chairman, president and chief executive officer of Linn Energy Mark Ellis stated, “Part of our strategic vision in a challenging commodity price environment is to position ourselves to be a buyer in a very opportune point in the commodity cycle.”

Linn announced a similar deal in January 2015 with GSO Capital Partners, The Blackstone Group’s credit arm, to fund drilling developments for already-existing properties owned by Linn.

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