Linn Energy to Purchase Berry Petroleum to Boost Oil Reserves

Reuters reported that Linn Energy LLC will purchase Berry Petroleum Co for $2.5B in stock, to boost its oil reserves and raise its output by about a third.

As quoted in the market news:

The acquisition, Linn’s largest, will raise the proportion of oil in the company’s reserves at a time when gas prices have fallen due to oversupply from North American shale fields.

Click here to read the full Reuters report.