As expected, Houston-based LINN Energy LLC, along with affiliate LinnCo and their subsidiary Berry Petroleum Co., filed for Chapter 11 bankruptcy protection this week. One of the 20 largest U.S. oil and gas producers, the companies carry $9.3 billion in debt. While oil prices have rebounded somewhat...

LINN Energy LLC, the nose-diving owner of the company that operates the Placerita Oil Field, took another hit Friday when another analyst downgraded its shares to “sell” and said bankruptcy is right around the corner. “We believe the company will likely file for Chapter 11 after the next round...

CEO Mark E. Ellis will receive up to $6.9 million this year in cash bonuses, and other executives will receive millions if they stay through the coming restructuring of their oil company. Floundering over the last two years as world oil prices have plummeted, late last week LINN Energy, the Houston-based...

LINN Energy LLC and its affiliate LinnCo, parent owners of the Placerita Canyon oil field, announced late last week they’ve “initiated a process to explore strategic alternatives” and have zeroed out their $3.6 billion credit facility, withdrawing the last $919 million for “general corporate...

Placerita operations off of Sierra Highway. (SCVTV) Berry Petroleum Co. shareholders voted Monday to accept a buyout offer with an estimated value of $4.9 billion from Houston-based LINN Energy and LinnCo, which becomes the 12th largest U.S. oil and gas company with the merger. LINN and LinnCo shareholders...

Berry Petroleum Co., owner of the Placerita oil field and other oil properties in Kern County, West Texas, Utah and Colorado, announced Wednesday that the leading independent proxy voting advisory firm Institutional Shareholder Services has recommended that Berry stockholders vote for the proposed merger...

Five months after it was expected to be finalized, the proposed buyout of Berry Petroleum Co., owner of the Placerita oil field off of Sierra Highway in Newhall (and larger oil and gas properties in Kern County, Colorado, Utah and West Texas), can go forward, if shareholders approve the deal next month. The...

Linn Energy LLC is offering approximately $600 million more to buy Berry Petroleum Co., under a merger deal announced Monday by both companies. Linn, based in Houston, is one of the nation’s top-15 oil and natural gas producers. Berry owns the Placerita oilfield (off of Sierra Highway in Newhall)...

Berry Petroleum Co., owner of the Placerita oil field off of Sierra Highway – and significantly larger fields in Kern County, West Texas, Utah and Colorado – posted adjusted second-quarter profits of $41 million (73 cents per diluted share), dead-even with the year-ago figure and up markedly from...

In the aftermath of Thursday’s announcement that Berry Petroleum Co.’s board of directors has agreed to sell the company to to Linn Energy in an all-stock transaction valued at nearly 20 percent over Berry’s then-current trading price, several law firms said Friday they’re “investigating”...