LINN Energy Announces Blue Mountain Midstream LLC and Construction of Cryogenic Plant in the Heart of the Merge
HOUSTON, July 13, 2017 (GLOBE NEWSWIRE) -- LINN Energy, Inc. (OTCQB:LNGG) ("LINN" or the "Company") announced today that LINN Midstream, LLC has been renamed Blue Mountain Midstream LLC ("Blue Mountain") and entered into a definitive agreement with BCCK Engineering, Inc. ("BCCK") to construct the Chisholm Trail Cryogenic Gas Plant. Blue Mountain is a wholly owned subsidiary of LINN Energy, Inc. and its assets include the Chisholm Trail midstream business ("Chisholm Trail") in central Oklahoma.
Chisholm Trail is located in the heart of the prolific liquids-rich Merge/SCOOP/STACK play and has approximately 30 miles of existing gas gathering pipeline and approximately 60 MMcf/d of current refrigeration capacity. Infrastructure expansions are underway to add 35 miles of low pressure gathering, increase compression throughput and construct a new cryogenic plant to improve liquids recoveries.
Blue Mountain has entered into a definitive agreement with BCCK to construct a highly efficient, state-of-the-art 225 MMcf/d cryogenic gas processing facility with a total capacity of 250 MMcf/d. Construction is underway and it is expected to be commissioned during the second quarter of 2018. LINN acreage recently contributed to Roan Resources LLC remains dedicated to Chisholm Trail.
"Blue Mountain has the midstream assets and capability to generate significant value for LINN shareholders. Constructing the Chisholm Trail Cryogenic Plant meaningfully increases our growing midstream business. Our dedicated acreage in the Merge and this focused investment give us a tremendous competitive advantage. Our partnership with BCCK on this construction project is an example of how our talented team will pursue potential future midstream opportunities," said Mark E. Ellis, President and Chief Executive Officer.
ABOUT LINN ENERGY
LINN Energy, Inc. was formed in February 2017 as the reorganized successor to LINN Energy, LLC. Headquartered in Houston, Texas, the Company's core focus is the upstream and midstream development of the Merge/SCOOP/STACK in Oklahoma. Additionally, the Company is pursuing emerging horizontal opportunities in the Mid-Continent, Rockies, North Louisiana and East Texas while continuing to add value by efficiently operating and applying new technology to a diverse set of long-life producing assets. More information about LINN Energy is available at www.linnenergy.com.
Statements made in this press release that are not historical facts are "forward-looking statements." These statements are based on certain assumptions and expectations made by the Company which reflect management's experience, estimates and perception of historical trends, current conditions and anticipated future developments. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or anticipated in the forward-looking statements. These include risks relating to financial performance and results, ability to improve our financial results and profitability following emergence from bankruptcy, ability to list our common stock on an established securities market, availability of sufficient cash flow to execute our business plan, ability to execute planned asset sales, continued low or further declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to hedge future production, ability to replace reserves and efficiently develop current reserves, the regulatory environment and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These and other important factors could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Please read "Risk Factors" in the Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other public filings. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information or future events.
CONTACT: Thomas Belsha, Vice President — Investor Relations & Corporate Development LINN Energy, Inc. (281) 840-4110 firstname.lastname@example.org