Linn Energy (NSDQ: LINE) has agreed to purchase primarily oil-producing properties in the Permian Basin of Texas for $305 million. The deal is projected to be immediately accretive to distributable cash flow.

This is the second major acquisition for the Wildcatter Portfolio holding in as many weeks. Just last fall Linn’s management indicated that it was looking to complete around $500 million in acquisitions over the coming 18 months; the partnership has now agreed to more than $630 million in deals over just the past 14 days.

This pick-up in activity reflects two key trends: the availability of quality properties at reasonable prices and the improvement in debt and equity markets. Linn will finance the deal with its credit line, as well as the proceeds from the partnership’s recent equity issue and bond offering.

The step-up in acquisitions activity is outstanding news for investors; the purchase of new properties has traditionally driven Linn’s distribution growth. It’s likely these new deals will enable Linn to boost its payout by the end of this year.

Linn’s newest purchase currently yields the equivalent of roughly 2,800 barrels of oil per day, around three-quarters of which is crude oil. The deal doubles Linn’s production and reserves in the Permian Basin, an oil-focused region the company entered last year. And, Linn has identified about 120 low-risk drilling opportunities on its new properties; there’s upside potential to production.

Buy Linn Energy under 28.