Linc Energy Limited (ASX:LNC) Completes Acquisition of Controlling Interest in Umiat Oil Field in Alaska, USA

Brisbane, July 8, 2011 AEST (ABN Newswire) - Linc Energy Limited (ASX:LNC) (PINK:LNCGY) is pleased to announce that its wholly-owned subsidiary, Linc Energy (Alaska) Inc., has finalised today the purchase of Renaissance LLC, which holds an 84.5% interest in Renaissance Umiat LLC. Renaissance Umiat LLC holds a 100% working interest in the Umiat oil field and an 80% net revenue interest in the project. The purchase was previously announced on 16 June 2011.

Umiat is one of the largest undeveloped petroleum resources in North America with OOIP of 1.0 billion barrels of oil. The deposit is situated at relatively shallow depth (less than 2000 feet, or 670m) and contains light sweet crude. The resource has been identified by eleven wells drilled and tested by the US Government in the period 1940-1980 and is partly located within the National Petroleum Reserve of Alaska (NPRA).

Linc Energy Chief Executive Officer, Peter Bond, said, "I'm excited that the Linc Energy team have been able to settle this deal so quickly. It now allows us to get on with the Umiat drilling program. I'm keen to get rigs on site before the end of this year as the faster we can get some of this one billion barrels of oil into 1P and 2P reserves the faster Linc Energy can develop the field."

Linc Energy's Alaska-based team is currently finalising detailed planning of the upcoming confirmation drilling program which will begin as soon as possible before the end of this calendar year. New drilling and seismic work will be focussed on delineation of reservoir characteristics and establishing proven reserves. This information will be used to prepare a detailed development plan for oil production and transportation.

Contact

Information for Media: Greg Meyer Media Manager Phone: +61-7-3229-0800 E-mail: greg.meyer@lincenergy.com.au ASX Contact: Brook Burke Company Secretary Phone: +61-7-3229-0800 E-mail: brook.burke@lincenergy.com.au Information for Investors: Anton Rohner Chief Financial Officer Phone: +61-7-3229-0800 E-mail: anton.rohner@lincenergy.com.au http://www.lincenergy.com.au