LINN Energy’s Mid-Continent region consists of properties located in the Anadarko and Arkoma basins in Oklahoma, as well as waterfloods in the Central Oklahoma Platform.
In December 2014, the Company completed the sale of its entire position in the Granite Wash and Cleveland plays located in the Texas Panhandle and western Oklahoma. Wells in this diverse region produce from both oil and natural gas reservoirs at depths ranging from 1,500 feet to over 11,000 feet. As of December 31, 2014, LINN’s remaining properties are located in the Anadarko and Arkoma basins and the Central Oklahoma platform. The Anadarko and Arkoma basin properties are primarily mature, low-decline natural gas wells and the Central Oklahoma Platform properties consist of low-decline oil wells producing from waterfloods.
Mid-Continent proved reserves represented approximately nine percent of total proved reserves at December 31, 2014, of which 99 percent were classified as proved developed. This region produced 287 MMcfe/d or 24 percent of the Company’s 2014 average daily production. During 2014, the Company invested approximately $245 million to develop the properties in this region. During 2015, the Company anticipates spending approximately seven percent of its total oil and natural gas capital budget for development activities in the Mid-Continent region.