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Image courtesy of Linn Energy.

A joint venture between Denver-based FourPoint Energy and Houston-based EnerVest agreed to buy all oil and gas properties and related midstream assets held by Houston-based Linn Energy in the western Anadarko Basin for $1.95 billion.

FourPoint will pay $975 million and Enervest will pay the remaining $975 million.

The JV will acquire an interest in 1,358 producing wells primarily in the Granite Wash, Tonkawa, Cleveland and Marmaton plays. The wells currently have a net production of 195 million cubic feet per day of gas equivalent.

The assets cover over 145,000 net acres in western Oklahoma and the Texas Panhandle, with 97 percent held by production.

The purchase also includes an oil terminal facility in Wheeler County, Texas as well as 170 miles of gas gathering and compression systems, liquid stabilization and associated water supply and disposal infrastructure.

The JV will now hold over 325,000 net acres with a net estimated production of about 315 million cubic feet equivalent per day.

The deal is expected to close on or before December 15.