The purchase price is estimated to be approximately $1.2bn.
The deal, subject to closing conditions, will close on or before 30 March 2012.
LINN Energy chairman, president and CEO Mark E Ellis said the impactful transaction has a low decline rate of 7% and is expected to provide 110m cubic feet equivalent of liquids-rich production that is 37% NGL.
"This acquisition should be immediately accretive to distributable cash flow per unit and is expected to provide a very steady stream of cash flow with little requirement for capital investment," said Ellis.
The acquisition will be financed with proceeds from borrowings under its revolving credit facility.
LINN Energy is an independent oil and natural gas development company, with approximately 4.1 Tcfe of proved reserves in producing US basins.
