Photo credit: LINN Energy

LINN Energy (NASDAQ:LINE) and LinnCo (NASDAQ:LNCO) announced the first trade involving LINN Energy's acreage in the Permian Basin. LINN Energy is trading 25,000 net acres in Texas' Midland Basin, as well as 1,000 net acres in New Mexico to ExxonMobil (NYSE:XOM) for 500,000 net acres in the Hugoton Field of Kansas. 

There are a lot of moving parts to this deal. LINN Energy and LinnCo are shipping out acreage that's prospective for oil-rich horizontal drilling as well as some current production to ExxonMobil for natural gas assets. At the same time LINN Energy is keeping some of the production from the acreage it's sending to ExxonMobil. Needless to say there is some complexity here that makes the deal a bit tougher to understand.

To help investors gain a better understanding of the transaction I've created the following slideshow. The presentation will break apart the deal so that investors can gain a better understanding on what LINN Energy and LinnCo are gaining and losing in the deal with ExxonMobil as well as what the deal means for the future of LINN Energy.

Matt DiLallo owns shares of Linn Co, LLC and Linn Energy, LLC. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.