ASX Code: LNC OTCQX Code: LNCGY

ASX Announcement

14 September 2012

COMPANY PRESENTATION MATERIAL

OIL & GAS DIVISION, USA.

Linc Energy Ltd is pleased to provide a copy of the Company’s USA Oil & Gas Division presentation slides to be used at investor presentations.

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ASX Code: LNC OTCQX Code: LNCGY

Media contact: Belinda Taylor | GM Corporate Communications e: belinda.taylor@lincenergy.com

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ASX Announcement continued…

Company Profile

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.

Linc Energy is listed on the Australian Securities Exchange (LNC) and can also be traded in the United States via the OTCQX (LNCGY).

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USA Oil and Gas Investor Presentation

September 2012

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Disclaimer

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This presentation contains forward looking statements that are subject to risk factors associated with the USA Oil and Gas business. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables and changes in underlying assumptions which could cause actual results or trends to differ materially, including but not limited to price fluctuations, actual demand, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, project delay or advancement, approvals and cost estimates. The oil resource estimates for the Alaska Region in the announcement were compiled by Scott J. Wilson of Ryder Scott Company LP who is qualified in accordance with ASX listing rule 5.11 and who has consented to the form and content in which this statement appears. The oil resource estimates for the Wyoming Region in the announcement were compiled by James L. Baird of Ryder Scott Company LP who is qualified in accordance with ASX listing rule 5.11 and who has consented to the form and content in which this statement appears. The oil resource estimates for the Gulf Coast Region in the announcement were compiled by Robert L. Walker of Haas Petroleum Engineering Services, Inc. who is qualified in accordance with ASX listing rule 5.11 and who has consented to the form and content in which this statement appears. The Valuations for the Alaska Region and Wyoming Region were compiled by Wood Mackenzie. Wood Mackenzie does not warrant or represent that the Information is appropriate or sufficient and has not taken into account the purposes for which the Information is used and you acknowledge and agree that if you use or rely upon the Information for any purpose then you shall do so entirely at your own risk. All $ are presented in US$, unless otherwise specified.

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Table of Contents

Page

Company Overview………………………………………………………………………………… 2

Field and Development Overview….….…………………………………………………… 9

Financial Overview.………………………………………………………………………………… 20

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Company Overview

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Company Overview Linc is an independent E&P company engaged in the production, development, exploitation and acquisition of crude oil and natural gas properties

Parent Linc Energy Ltd. (ASX:LNC)

Properties Gulf Coast (Texas and Louisiana) Wyoming (Powder River Basin) Alaska (North Slope Basin)

Proved Reserves 13.5 MMBoe

Proved Reserve Mix 97% Oil / 3% Natural Gas

Proved PV-10 (1) $516.6 Million

Fields 18 (16 producing)

Producing Wells 157

Average Daily Production (as of 7 Sept 12)

4,251 gross BOPD 3,129 net BOPD

Acreage 60,890

• $210.6 million equity investment by Parent

• Three major acquisitions:

– February 2011: Powder River Basin, Wyoming

• Purchase Price: $22.5 million

– July 2011: North Slope Basin, Alaska (Umiat)

• Purchase Price: $56.4 million

– October 2011: Gulf Coast assets

• Purchase Price: $236 million

• Strong base of producing assets and potential resources

• Low-risk, high-return oil-centric strategy

• Staff of 110 including eight experienced geoscientists (as of 1 Sept 12)

• Linc currently receives an $8.50 per barrel premium to NYMEX pricing

(1) Gulf Coast PV-10 values based on Haas report effective as of 1 Aug 12. Alaska and Wyoming PV-10 values based on Ryder Scott reports effective as of 1 July 12 and 30 June 12, respectively.

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Company Overview

Significant Technical Expertise in Salt Dome

Geology

• Large team of highly experienced (average of over 30 years) geoscientists dedicated to analysis of salt based structures

• Enables identification of untapped reserve potential using existing technologies such as 3D seismic and subsurface mapping

• Leverage expertise to develop and acquire adjacent fields or fields of similar formations

• Average of over 25 years experience in commercial exploration, exploitation, development, finance and marketing

• Proven track record to transform small operators into substantial players in the industry • Experiencing early success – increased production by over 90% since December 2011

High Net Revenue Interests and

Operational Control

• ~100% operating working interest and 74% average net revenue interest in Gulf Coast properties • Provides for control over drilling cost and development schedule • Allows for mitigation of risk on projects while retaining substantial economic interest

Increasing Cash Flows from Low Risk Gulf Coast Exploitation

Strategy

• Current production EBITDAX of $72.3 million based on current production level of 2,974 net BOPD as of 7 Sept 12

• 87% success rate on drilling and recompletion activities with typical payout periods of 3 - 12 months • Increased production from a low of 1,816 gross / 1,344 net BOPD in December 2011 to 4,251 gross / 3,129

net BOPD as of 7 Sept 12 on $38 million of capital expenditures • Low risk and low cost transition of PDNPs and PUDs to PDPs

High Quality Reserves and Resources

• Proved PV-10 value of $505 million for Gulf Coast – 97% oil • Appraised asset value of $100-$200 million for Alaska (Umiat) and $20-$30 million for Wyoming (1)

• Gulf Coast properties have rich development and production history of over 80 years • Strong PV-10 values • Currently receive an $8.50 per barrel premium to NYMEX

Experienced Management Team

Highlights

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(1) Based on Wood Mackenzie valuation report as of 1 July12 of $100 - $200 million for Alaska assets and $20 - $30 million for Wyoming assets. Midpoint of valuation range shown. Acquisition price of Wyoming and Alaska assets were $22.5 million and $56.4 million, respectively.

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Company Overview Reserve and Resource Summary

Linc’s reserves represent a well-balanced portfolio of attractive near-term cash flow opportunities as well as significant longer-term upside potential 6

(1) Based on Ryder Scott report effective 1 July 12. (2) Based on NITEC report dated March 2007. (3) Gulf Coast PV-10 values based on Haas report effective as of 1 Aug 12. Alaska and Wyoming PV-10 values based on Ryder Scott reports effective as of 1 July 12 and 30 June 12, respectively.

Gulf Coast

Total Proved: 12.7 MMBoe PV-10: $504.5 million Percent Oil: 97% Net Production: 2,974 BOPD

Alaska - Umiat

Total 2P: 154.6 MMBoe 2P PV-10: $1,496 million Percent Oil: 100% OOIP: ~1,000 MMBbls(1)

Wyoming

Total Proved: 0.8 MMBoe PV-10: $12.1 million Percent Oil: 100% Est. Recoverable Oil: 75 MMBbls(2)

Key Statistics by Region

Oil (Mbbls) Gas (MMcf) Total PV-10(3)

Gulf Coast Alaska Wyoming Gulf Coast (Mboe) ($ in MM)

PDP 3,714 - 801 189 4,546 211.9$ PDNP 4,094 - - 711 4,213 158.3 PSI - - - 186 31 0.1 PUD 4,462 - - 1,274 4,674 146.2

Total Proved 12,271 - 801 2,359 13,465 516.6$

Total Probable - 154,563 - - 154,563 1,496.0 Total 2P Reserves 12,271 154,563 801 2,359 168,027 2,012.6$

Total Possible - 39,494 - - 39,494 332.1 Total 3P Reserves 12,271 194,057 801 2,359 207,522 2,344.8$

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Company Overview Asset Valuation

Asset Valuation(1)

($ in millions)

(1) Gulf Coast PV-10 values based on Haas report effective as of 1 Aug 12. Alaska and Wyoming PV-10 values based on Ryder Scott reports effective as of 1 Jul 12 and 30 Jun 12 respectively.

(2) Based on Wood Mackenzie valuation report as of 1 Jul 12 of $100 - $200 million for Alaska assets and $20 - $30 million for Wyoming assets. Midpoint of valuation range shown. Acquisition price of Wyoming and Alaska assets were $22.5 million and $56.4 million, respectively.

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Gulf Coast Alaska Wyoming

(2)

(2)

$517

$680

$2,013

$505 $505 $505

$150

$1,496

$12

$25

$12

$0

$500

$1,000

$1,500

$2,000

$2,500

Proved PV-10 Proved PV-10 + Asset Value 2P PV-10

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Company Overview

Scott Broussard President

Oil & Gas Division

• Over 30 years of executive level and operations experience in the Gulf Coast and Gulf of Mexico regions

• Prior to Linc, Mr. Broussard was CEO and Chairman of Probe Resources and Vice President – Drilling and Production for Hydro Gulf of Mexico (formerly Spinnaker Exploration)

• Transformed Spinnaker from a non-operator to one of the largest operators in the Gulf of Mexico; ultimately sold for $2.5 billion in 2006

• Key member of the acquisition strategy team responsible for establishing the U.S. Oil and Gas Division

• Responsible for Linc Energy Ltd.’s compliance and regulatory activities in Australia • Prior experience includes a broad range of international experience across regulatory, accounting

and legal functions

Craig Ricato Executive Director

Linc Energy Ltd.

Senior Management Team

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• Ten years of experience in finance with specific expertise in M&A, advisory and capital raising for the E&P sector

• Prior to Linc, Mr. Rolfes spent six years at Madison Williams, a boutique investment bank focused on the oil & gas industry

Jude Rolfes Chief Financial Officer

Oil & Gas Division

Linc Energy Ltd. – Parent

Linc USA Oil & Gas Division

• Over 20 years of business and operational experience in the coal and gold mining industries • Successful entrepreneurial track record of building and growing companies • Transformed Linc Energy Ltd. from a small, unknown company into a well respected, publicly-listed

energy company • 40% shareholder of Linc Energy Ltd.

Peter Bond Chief Executive Officer and

Managing Director Linc Energy Ltd.

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Field and Development Overview

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Field and Development Overview

Summary Statistics Key Takeaways

Gulf Coast Region – Texas and Louisiana

• Primary Gulf Coast oil fields are associated with salt domes or salt related structures – Multiple pay zones per well – Assets produce from multiple stacked reservoirs

primarily in the Miocene and Frio sands at depths of 900 to 7,500 feet

• On 7 of 8 domes, there has never been wells drilled into geopressure (below ~7,500 feet) – Attractive prospects for deeper drilling potential at

Yegua, Wilcox, and Hackberry – 3-D seismic coverage on 75% of primary fields

Brazoria

Calhoun

Chambers

Galveston

Harris

Orange

Port Neches

Liberty

High Island

Hull

Barbers Hill

Aquarium

Hoskins Mound

Goose Creek

Atkinson Island/Cedar Point

Grass Island

Hardin

Jefferson

GalvestonFort Bend

Wharton

JacksonMatagorda

Victoria

Black Bayou

Cameron

TexasLouisiana

Leeville

Lafourche

10 (1) As of 7 Sept 12. (2) Linc has an 87.5% working interest in four of its wells.

Total Proved Reserves: 12.7 MMBoe Percent Oil: 97% PV-10: $504.5 million Fields 14 (13 producing) Current Production (BOPD) (1): 4,035 gross / 2,974 net Working Interest: ~100% (2)

Average Net Revenue Interest: 74% Acreage: 13,390 acres Producing Wells: 127

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PDP 30%

PDNP 34%

PUD 36%

Field and Development Overview Gulf Coast Region – Breakdown by Field

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Gross DailyNet

AcresProduction

(BOPD)% Working

Interest% Revenue

Interest

Barbers Hill 1,144 1,419 100% 78%Black Bayou 2,435 423 100% 62%Hoskins Mound 2,500 661 100% 72%Atkinson Island 385 336 100% 72%Cedar Point 1,040 436 100% 61%High Island 901 256 100% 75%Port Neches 3,810 181 100% 83%Other 1,175 323 NA NATotal 13,390 4,035 98% 74%

12.7 MMBoe

1P Reserves by Category 1P PV-10 by Category

$504.5 MM

Note: Reserve data based on Haas report effective as of 1 Aug 12.

PDP 40%

PDNP 31%

PUD 29%

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Field and Development Overview Production History since October 2011

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Gross Daily Production History (BOPD) – Gulf Coast

Since April 2012, Linc has achieved significant increases in production as a result of rounding out its team of technical experts

1500

2000

2500

3000

3500

4000

4500

10/7 10/21 11/4 11/18 12/2 12/1612/30 1/13 1/27 2/10 2/24 3/9 3/23 4/6 4/20 5/4 5/18 6/1 6/15 6/29 7/13 7/27 8/10 8/24 9/7

Recompletion New Drill

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Gulf Coast Region – Recent Developments

Since October 2011, Linc has spent approximately $38 million to fund the drilling of 17 wells and six recompletions, increasing production by 1,206 net BOPD in the Gulf Coast (as of 7 Sept 12)

Recompletions

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• Achieved 82% success rate on new drilling and 100% success rate on recompletions – 14 successful drills and 6 recompletions to date – Led to a production increase of 1,707 gross BOPD (1,206 net BOPD)

• Production of 4,035 gross BOPD (2,974 net BOPD) as of 7 Sept 12

New Drilling Production Post-drill EUR Zones Production Post-drill EUR

Field Well Name WI (%) NRI (%) Start Date IP Current (gross Mbbls) Encountered Field Well Name WI (%) NRI (%) Start Date IP Current (gross Mbbls)Drilled and Completed Barbers Hil l Kirby B #45 100.0% 79.0% 1/5/2012 74 55 59Barbers Hil l Higgins #18 100.0% 82.0% 10/30/2011 165 8 172 7 Black Bayou J.B. Watkins #154 100.0% 71.0% 1/5/2012 202 0 93Barbers Hil l Fitzgerald #1 100.0% 79.0% 11/7/2011 82 12 90 6 Leevil le E. Constantin Jr #2 42.0% 28.0% 4/10/2012 60 86 550Hoskins Mound Welch Foundation #3 100.0% 71.0% 11/26/2011 230 10 45 1 Barbers Hil l Higgins #8 100.0% 81.0% 6/29/2012 120 24 22Barbers Hil l Brown #1 87.5% 67.4% 4/25/2012 293 347 249 6 Barbers Hil l Higgins #1 100.0% 81.0% 7/31/2012 20 13 8Black Bayou J.B. Watkins #270 87.5% 62.1% 5/17/2012 283 418 163 2 Barbers Hil l Wilburn A-22 100.0% 74.0% 8/23/2012 210 435 27Barbers Hil l Kerley #2 87.5% 62.1% 5/25/2012 243 40 40 2 Total 686 613 759Barbers Hil l Brown #2 100.0% 77.0% 6/4/2012 220 88 351 5 Average 114 102 127Barbers Hil l Wilburn A23 100.0% 74.0% 7/4/2012 175 128 167 4 Hoskins Mound Welch Foundation #4 100.0% 71.0% 7/21/2012 280 222 128 3 Barbers Hil l Wilburn "B" #14 100.0% 74.0% 8/1/2012 280 35 192 5 Black Bayou J.B. Watkins #269 100.0% 74.0% 8/17/2012 9 2 NA NAHoskins Mound Welch Foundation #6 100.0% 71.0% 8/26/2012 330 382 TBD TBDBarbers Hil l Kirby 46 B 100.0% 74.0% 8/31/2012 TBD TBD TBD TBDBarbers Hil l Wilburn A 24 100.0% 74.0% 9/4/2012 TBD TBD TBD TBDTotal 2,590 1,692 1,597 41Average 216 141 160 4

Prod. Rate (Gross bbls/d) Prod. Rate (Gross bbls/d)

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• Initiate recompletion of behind pipe pay and drilling new wells into previously un-drained, or up-dip reservoir compartments as well as deeper opportunities identified by Linc’s technical experts

• Drill through the remainder of 2012 – Two rigs in operation – Three truck-mounted workover rigs currently performing recompletions, workovers, and new completions

• Leverage team of highly skilled geoscientists to develop or acquire low-risk opportunities in adjacent fields or other similar subsurface salt structures

Gulf Coast Region – New Drilling and Recompletion Prospects

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Linc’s stable Gulf Coast operations provide for increasing cash flow generation through high-return new drilling and recompletion projects

New Drilling and Recompletion Prospects Fiscal Year Ended June 30,

2013 2014 2015

New DrillsBarbers Hill 15 15 13Black Bayou 0 0 0Hoskins Mound 12 3 0Port Neches 3 7 7High Island 6 12 1

Total New Drills 36 37 21Total New Recompletions 15 18 14Capital Expenditures ($ in millions) $64.3 $56.7 $32.3Incremental Gross Production Impact (BOPD) 4,800 1,700 -

Field and Development Overview

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Summary Statistics Key Takeaways

Alaska Region – North Slope Basin (Umiat)

North Slope (Umiat) • OOIP: ~1,000 MMbbls (1) • 2P reserves of 155 MMbbls / $1,496 MM PV-10 (1) • Formerly part of the National Strategic Petroleum Reserve • Located within the National Petroleum Reserve of Alaska • Potential peak production of ~50,000 gross BOPD

(~43,000 net BOPD) • Potential upside from deeper oil and gas reserves

– Reprocessing 3D seismic to identify deeper potential – Drilling deep well in winter 2012/2013 to look for/test

deeper reservoirs • Appraised asset value of $100-$200 million (2)

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Total 2P Reserves: 155 MMBoe Percent Oil: 100% PV-10: $1,496 million Working Interest: 84.5% Acreage: 19,644

(1) Based on Ryder Scott report effective as of 1 Jul 12. (2) Based on Wood Mackenzie valuation report as of 12 Sept 12. Acquisition price of Alaska assets was $56.4 million.

Field and Development Overview

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Alaska Region – North Slope (Umiat)

Linc Development Site Nearby Operators

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Alaska Region – North Slope (Umiat) Development Plan

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Key Milestones: • Pre-pack 100 mile snow road • Establish campsite and in-field ice

pads • Mobilize drill rig • Drill disposal well • Drill, core and test 2 vertical and 1

horizontal well • Install Ambient Air Monitoring

station • Environmental Impact Statement

underway (EID submitted) • Determine capital strategy for full

development Expected Timing: • October 2012 – September 2013

Key Milestones: • Drill and test deep resource targets • Perform extended flow test for 1

vertical and 1 horizontal delineation well

• Finalize engineering design • Submit air permit application

Expected Timing: • October 2013 – December 2014

Phase I Phase II Phase III

Reconfirm Reserve and Resource Value

Increased Reserve Value: Transition to Proved Reserves

Estimated Full Production: 50,000 BOPD

Cost: $50MM Net: $35MM (1) Cost: $74MM (2)

Key Milestones: • Commence procurement and

fabrication • Full EIS review • North Slope Borough master plan

approval • Construction of roads and pipelines • Issuance of air permit • Facility construction • Commence development drilling

(Q2 2017) • TAPS tie-in facilities

Expected Timing: • 2015 – 2017

Cost: $1,322MM (2)

(1) Net of approximately $15 million rebate from State of Alaska. (2) Rebate from State of Alaska to be determined.

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Summary Statistics Key Takeaways

Wyoming Region – Powder River Basin

• Potential for 75 MMBbls of oil using CO2 EOR strategy from Big Muddy and South Glenrock fields

• Recently established supply contract with ExxonMobil for 25 BCF of CO2 during the initial one year term of the agreement

• Field Overview – Big Muddy Field (Discovered in 1917)

• OOIP of 255.0 MMBbls • Production of 53.8 MMBbls of oil to date

– South Glenrock (Discovered in 1950) • OOIP of 170.3 MMBbls • Production of 17.1 MMBbls of oil to date

– South Cole Creek Field (Discovered in 1948) • OOIP of 41.3 MMBbls • Production of 17.1 MMBbls of oil to date

• Appraised value of Phase 1 at $20-$30 million (2)

Total Proved Reserves: 800 MBoe Percent Oil: 100% PV-10: $12.1 million Producing Fields: 3 (all producing) Current Production (BOPD) (1): 216 gross / 155 net Working Interest: 100% Average Net Revenue Interest: 72% Acreage: 27,856 Producing Wells: 30

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Salt Creek

Salt Creek – Key Statistics

• Increased production by 5,800 BOPD through CO2 flooding operations

• Recent Linn Energy transaction valued Salt Creek at approximately $150,000 per flowing barrel (3)

(1) As of 7 Sept 12. (2) Based on Wood Mackenzie valuation report as of 1 Jul 12. (3) Based on internal management estimates.

Field and Development Overview

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Wyoming Region – Powder River Basin Development Plan

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Key Milestones: • Executed CO2 supply agreement

with ExxonMobil in 2011 • Complete piping and

instrumentation diagrams • Confirm pipe routing, equipment

specifications and layout plans • Initiate CO2 flooding of Upper

Muddy formations • Secure additional CO2 supply

agreements • Drill and complete 69 wells

(injectors and producers) Expected Timing: • Over the next 18 months

Key Milestones: • Initiate CO2 flooding of Dakota

formation • Contract for 40 MMCF / day of CO2 • Drill and complete 106 wells

(injectors and producers) • Commence CO2 injection

Expected Timing: • TBD

Phase I Phase II Phase III

Key Milestones: • Initiate CO2 flooding of Frontier

formation • Utilize recycled CO2 from Dakota

flood • Drill and complete 230 wells

(injectors and producers) • Commence CO2 injection

Expected Timing: • TBD

Achieve 2,400 gross BOPD Add incremental 4,400 gross BOPD

Add incremental 10,000 gross BOPD

Cost: $84MM Cost: $164MM Cost: $221MM

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Financial Overview

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Financial Overview Financial Summary

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Quarter Ended FY Ended Month Ended

($ in millions) 30 Sep 11 31 Dec 11 31 Mar 12 30 Jun 12 30 Jun 12(1) 31 Jul 12 31 Aug 12

Financial Data:Total Revenue 1.3$ 17.6$ 18.4$ 19.6$ 56.9$ 8.0$ 8.6$

Adjusted EBITDAX (1.3)$ 10.6$ 9.1$ 7.6$ 26.0$ 5.0$ 5.0$

Capital Expenditures (2) 1.1 6.1 6.0 20.5 33.7 7.9 4.7

Operating Data:Oil Equivalents (MBOE) 12 190 175 193 570 86 92 % Oil 99% 99% 99% 99% 99% 99% 99%

Average Daily Production (BOPD) (3) 2,982

Gross Production Added Since 6/30/12 (BOPD) 1,053 Gross Current Production (BOPD) 4,035

Average Net Revenue Interest 73.7%Current Daily Production (BOPD) (4) 2,974

Realized EBITDAX Margin ($/BOE) $66.60

Current Production EBITDAX ($MM) (4) $72.3

Current Production EBITDAX – Gulf Coast

(1) Gulf Coast operations commenced on 1 Oct 11. (2) Represents drilling and development capital expenditures. (3) As of 30 Jun 12. (4) As of 7 Sep 12.

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Financial Overview

September – December 2012 Oil Hedges

Type Bbls Months Price % of Current

Production Hedged

Swap 163,404 Sept – Dec $86.20 43%

Note: No gas hedges in place.

2013 Oil Hedges

Type Bbls Months Price % of Current

Production Hedged

Swap 362,964 Jan – Dec $86.89 32%

2014 Oil Hedges

Type Bbls Months Price % of Current

Production Hedged

Swap 290,484 Jan – Dec $87.05 26%

2015 Oil Hedges

Type Bbls Months Floor % of Current

Production Hedged

Swap 240,984 Jan – Dec $87.55 21%

• Linc entered into the following swaps concurrent with its Gulf Coast acquisition in October 2011 • Linc may seek to optimize these hedges where appropriate • Linc will target hedges on at least 50% of oil production going forward

Hedging Strategy

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Investment Highlights

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• High Quality Reserves and Resources

• Increasing Cash Flows from Low Risk Gulf Coast Exploitation Strategy

• High Net Revenue Interest and Operational Control

• Significant Technical Expertise in Salt Dome Geology

• Experienced Management Team

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Linc Internal Reserve Report Summary

Assumptions • Effective date of 1/1/2012 • Includes Wyoming Powder River Basin reserves only • 7/1/2011 Ryder Scott report was used as a starting point. Database was quality-checked, production volumes were rolled

forward, and curves were refit, if necessary • Pricing

– Base price deck of $96.19/bbl and $4.12/mcf held flat for the life of the properties – Price deck determined using SEC methodology of averaging prices on the first day of each month for the previous 12

months – A negative differential of $0.06/bbl was applied to the base price deck

• Lease Operating Expense – LOE was increased from the Ryder Scott report to reflect actual operating costs based on trailing 9 month data – The higher LOE is a result of the previous operator not adequately maintaining the properties during the last months of its

ownership, thus requiring Linc to perform additional work in order to get the property back in order. This level of rehabilitation work is not expected continue in 2012

– Average LOE is ~$215,000/month

Oil Gas Equiv. PV-10Category (Mbbl) (MMcf) (Mboe) % Oil ($M)PDP 730,296 730,296 100% $11,294PSIPNPPUDTotal 730,296 0 730,296 100% $11,294

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