The U.S. Securities and Exchange Commission closed its probe into Linn Energy’s $4.6 billion acquisition of Berry Petroleum and decided to take no enforcement actions.
The investigation was launched in 2013 when Houston-based Linn agreed to purchase Berry Petroleum for about $2.5 billion in stock as well as assuming the Denver-based company’s debt.
The acquisition gave Linn an increased presence in California, the Permian Basin, East Texas and the Rockies, as well as the addition of a new core area in the Uinta Basin.
Berry had 2,850 producing wells and more than 200,000 net acres when the deal was inked.
“After a thorough and lengthy process, we are clearly very pleased with this excellent outcome,” Linn CEO, chairman and president Mark E. Ellis said.