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Brisbane, July 14, 2010 (ABN Newswire) - Further to the announcement made on 2 March 2010, Linc Energy Limited (
ASX:LNC) (PINK:LNCGY) is pleased to announce that its wholly owned subsidiary, Linc Energy (Alaska), Inc., has completed the transaction with the successful acquisition of approximately 122,000 acres of State of Alaska and Alaskan Mental Health Trust oil and gas leases located in the Cook Inlet Basin, Alaska from GeoPetro Alaska LLC (NYSE:GPR).
The finalisation of this transaction follows the opening last month of Linc Energy's project office in Anchorage, Alaska.
"The completion of the acquisition of these oil and gas leases in the Cook Inlet Basin marks the end of the first stage of Linc Energy's strategy to enter the Alaskan region," said Chief Executive Officer Peter Bond.
"The acquisition of this acreage and the commencement of operations on the ground in Alaska create fantastic opportunities for the Company to secure short-term revenue opportunities from its traditional oil and gas prospects, whilst also establishing an immediate ability to pursue further opportunities for Underground Coal Gasification for cleaner power and fuels within the regions significant coal deposits," said Bond.
"We are building a Linc Energy team in Alaska and will be commencing our exploration drilling program with our first gas well 'spudded' by late September 2010".
ASX:LNC) (PINK:LNCGY) is pleased to announce that its wholly owned subsidiary, Linc Energy (Alaska), Inc., has completed the transaction with the successful acquisition of approximately 122,000 acres of State of Alaska and Alaskan Mental Health Trust oil and gas leases located in the Cook Inlet Basin, Alaska from GeoPetro Alaska LLC (NYSE:GPR).The finalisation of this transaction follows the opening last month of Linc Energy's project office in Anchorage, Alaska.
"The completion of the acquisition of these oil and gas leases in the Cook Inlet Basin marks the end of the first stage of Linc Energy's strategy to enter the Alaskan region," said Chief Executive Officer Peter Bond.
"The acquisition of this acreage and the commencement of operations on the ground in Alaska create fantastic opportunities for the Company to secure short-term revenue opportunities from its traditional oil and gas prospects, whilst also establishing an immediate ability to pursue further opportunities for Underground Coal Gasification for cleaner power and fuels within the regions significant coal deposits," said Bond.
"We are building a Linc Energy team in Alaska and will be commencing our exploration drilling program with our first gas well 'spudded' by late September 2010".
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About Linc Energy Limited
Linc Energy is a globally focused, diversified energy company with a strong portfolio of coal, oil and gas deposits. It is Linc Energy's purpose to unlock the value of its resources to produce energy to fuel the future.
A publicly listed company, Linc Energy is the global leader in Underground Coal Gasification (UCG), which delivers a synthesis gas feedstock to supply commercially viable energy solutions – such as electricity, transport fuels and oil production – through gas turbine combined cycle power generation, Gas to Liquids (GTL) Fischer-Tropsch processing and Enhanced Oil Recovery.
Linc Energy has constructed and commissioned the world's only UCG to GTL demonstration facility located in Queensland, Australia. This facility produces the world's only UCG to GTL synthetic diesel fuel. Linc Energy also owns the world's only commercial UCG operation, Yerostigaz, located in Uzbekistan. Yerostigaz has produced commercial UCG synthesis for power generation for 50 years.
Linc Energy is on a rapid global expansion path to commercialise its portfolio of resources, with established offices across three continents in the United States, the United Kingdom and Australia.
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>>> GeoPetro Resources Company >>>         Linc Energy Limited |
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