Linn Energy sells Wyoming field for $71.5 million

Linn Energy plans to sell a stake in a Wyoming oil field for $71.5 million, the latest in a string of sales it’s using to pay off its debts, the Houston oil producer said Tuesday.

The sale of 5,000 net acres in the Salt Creek Field would put the value of Linn’s asset sales at $916 million since it emerged from Chapter 11 bankruptcy in February.

After the sales close, Linn plans to pay off all its outstanding debts, which had ballooned to $8.4 billion in 2015.

Related: Linn Energy to sell Wyoming assets for $581 million

The buyer, Plano driller Denbury Resources, said it expects to boost oil production from the Salt Creek Field from 2,100 barrels a day over the next several years. It plans to spend $5 million in the field this year.

The companies expect the deal will close next month.

Related: Even in bankruptcy, oil bosses are promised riches