Linc Energy Limited (ASX:LNC) Completes Acquisition Of 122,000 Acres Of Alaskan Oil And Gas Leases
Linc Energy Limited (ASX:LNC) Completes Acquisition Of 122,000 Acres Of Alaskan Oil And Gas Leases

Brisbane, July 14, 2010 AEST (ABN Newswire) - Further to the announcement made on 2 March 2010, Linc Energy Limited (googlechartASX:LNC) (googlechartPINK: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 (googlechartNYSE: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".

Contact

Greg Meyer
Media Manager
Phone: +61-7-3229-0800
Email: greg.meyer@lincenergy.com.au

Craig Ricato
Company Secretary
Phone: +61-7-3229-0800
Email: craig.ricato@lincenergy.com.au

Glen Zurcher
Investor Relations Manager
Phone: +61-7-3229-0800
Email: glen.zurcher@lincenergy.com.au



ABN Newswire
ABN Newswire This Page Viewed:  (Last 7 Days: 11) (Last 30 Days: 32) (Since Published: 5898)