LINN Energy Announces Fourth Quarter and Full-Year 2012 Results and 2013 Outlook

LINN Energy Announces Fourth Quarter and Full-Year 2012 Results and 2013
Outlook

Announces $4.3 Billion C-Corp Acquisition of Berry Petroleum Company

HOUSTON, Feb. 21, 2013 (GLOBE NEWSWIRE) -- LINN Energy, LLC (Nasdaq:LINE) and
LinnCo, LLC (Nasdaq:LNCO) announced today financial and operating results for
the fourth quarter and year-ended December 31, 2012, and outlook for 2013.

LINN Energy, LLC and LinnCo, LLC announced today the signing of a definitive
merger agreement to acquire all of Berry Petroleum Company's ("Berry")
outstanding shares for total consideration of $4.3 billion, including the
assumption of debt. The transaction is structured as a stock-for-stock merger
between LinnCo and Berry and is expected to be tax-free to Berry shareholders.
This transaction represents the first ever acquisition of a public C-Corp by
an upstream LLC or MLP.

LINN Energy reported the following fourth quarter and full-year 2012 results:

  oIncreased average daily production 88 percent to 800 MMcfe/d for the
    fourth quarter 2012, compared to 425 MMcfe/d for the fourth quarter 2011;
    and 82 percent to 671 MMcfe/d for the full-year 2012, compared to 369
    MMcfe/d in 2011;
  oIncreased adjusted EBITDA 35 percent to $379 million for the fourth
    quarter 2012, compared to $281 million for the fourth quarter 2011; and 40
    percent to $1.4 billion for the full-year 2012, compared to $998 million
    in 2011;
  oAchieved a distribution coverage ratio of 1.07x for the fourth quarter
    2012, and 1.14x for the full-year 2012;
  oDelivered adjusted net income of $0.41 per unit for the fourth quarter
    2012, and $1.44 per unit for the full-year 2012.

LINN Energy highlighted the following significant 2012 accomplishments:

  *Increased distribution by 5 percent on April 24, 2012;
  *Increased proved reserves by 1.4 Tcfe to 4.8 Tcfe, up 42 percent compared
    to 3.4 Tcfe in 2011;
  *LINN's liquids rich drilling program resulted in a reserve replacement
    ratio of approximately 150 percent at a cost of $2.88 per Mcfe, excluding
    revisions due to price and removal of proved undeveloped reserves more
    than five-years old;
  *Including acquisitions of approximately $2.9 billion, the reserve
    replacement ratio was 869 percent for a reserve replacement cost of $1.77
    perMcfe, excluding revisions due to price and removal of proved
    undeveloped reserves more than five-years old.
  *Shifted focus of Granite Wash drilling program to oil-producing Hogshooter
    zone:

    *Successfully drilled 26 Hogshooter wells during 2012 which have produced
      a cumulative total of approximately 2.7 million Bbls of oil equivalent
      (BOE);
    *Completed first Hogshooter well in Mayfield area of Oklahoma with
      initial production rate of 5,406 Boe/d (2,055 Bbls/d of oil, 1,915
      Bbls/d of NGLs and 8.6 MMcf/d of gas).

  *Generated net proceeds of approximately $3.8 billion through an estimated
    $2 billion of public equity offerings and a $1.8 billion bond offering:

    *Completed a $1.3 billion initial public offering (IPO) of LinnCo on
      October 17, 2012, representing the largest E&P IPO ever.

"LINN delivered a record-setting 2012, closing approximately $2.9 billion in
acquisitions and joint-venture agreements and increasing organic production by
15 percent. Through organic growth and acquisitions, the company increased
reserves by 42 percent to 4.8 Tcfe.Most significant to our unitholders, our
outstanding performance enabled us to raise our quarterly cash distribution by
five percent for the third year in a row and pay our 28th consecutive
distribution," said Mark E. Ellis, Chairman, President and Chief Executive
Officer.

"We created LinnCo to provide an additional way for institutional and retail
shareholders to invest in LINN and to give the company greater access to
capital. In addition, as evidenced today with our announcement of a merger
agreement with Berry, LinnCo has provided us withthe right currency and
structural flexibility to merge with C-Corps in a tax efficient manner.We
believe LinnCo will continue to give LINN the ability to capitalize on the
very robust acquisition environment we anticipate in 2013," Ellis added.

Operational Highlights

Texas Panhandle – Granite Wash

The company's net horizontal Granite Wash production during the fourth quarter
averaged approximately 187 MMcfe/d, up 117 percent from 86 MMcfe/d during the
fourth quarter 2011.Net production for the full-year 2012 was 170 MMcfe/d, an
increase of approximately 188 percent over the full-year 2011.

During the fourth quarter, LINN drilled an additional 14 operated horizontal
Hogshooter wells in the Texas portion of the Granite Wash play.The company
has now drilled and completed 26 Hogshooter wells in Texas with an average
initial production rate of approximately 2,150 Boe/d equivalent (1,500 Bbls/d
of oil, 385 Bbls/d of NGLs and 2.4 MMcf/d of natural gas per well).LINN has
tested three separate productive zones within the Hogshooter interval.

The company has drilled 20 wells in the Hogshooter "B" zone, which is the most
prolific of the three.These 20 "B" zone wells had an average IP of
approximately 2,600 Boe/d equivalents (1,800 Bbls/d of oil, 460 Bbls/d of NGLs
and 2.9 MMcf/d of natural gas per well).There have been three wells drilled
in the Hogshooter "C" zone, which has lower initial rates, but also lower
decline rates.There have also been three wells drilled in the Hogshooter "A"
zone which are producing below economic rates.The Hogshooter program to date
has been very successful with an overall rate of return of approximately 30
percent. Cumulative gross production to date from the Hogshooter program
totals 1.5 million Bbls of oil, 0.7 million Bbls of NGLs and 3.2 Bcf of gas
(2.7 million BOE).LINN has approximately 10 remaining Hogshooter locations in
the Texas portion of the Granite Wash play.

LINN has drilled its first horizontal Hogshooter well in the Mayfield area of
Western Oklahoma with an initial production rate of 5,406 Boe/d (2,055 Bbls/d
of oil, 1,915 Bbls/d of NGLs and 8.6 MMcf/d of gas).LINN has drilled its
second well in Oklahoma with plans to complete this well in the first quarter
of 2013.LINN is currently drilling its third and fourth wells in this area.
The Hogshooter interval in LINN's Mayfield acreage of the Granite Wash is
unique as it is generally a thicker payzone than the Hogshooter interval
previously tested in Texas. LINN's inventory of horizontal Hogshooter
locations continues to expand with new completion successes in Oklahoma.In
addition to the Hogshooter interval, several other oily targets are being
pursued that could further add to the company's inventory of opportunities.

LINN plans to continue to invest in its Granite Wash drilling program in the
Texas Panhandle in 2013, with net capital of approximately $400
million.Operations will focus primarily on its oil development program to
drill about 80 horizontal wells over the course of the year.

Green River Basin

LINN entered the Green River Basin in 2012 with the acquisition of the Jonah
properties in July of 2012.The acquisition included approximately 640
producing wells and 19,000 net acres.The company plans an active drilling
program in 2013 and plans to participate in approximately 58 Encana operated
wells.LINN plans to add an operated drilling rig in late first quarter of
2013 and will drill approximately 18 operated wells in 2013.The total
estimated Green River Basin capital for 2013 will be approximately $135
million.LINN's net production from the Green River Basin averaged 149 MMcfe/d
for the fourth quarter of 2012.

Hugoton Basin

LINN entered the Hugoton Basin in March of 2012 with the acquisition of the
Hugoton properties.The acquisition included approximately 2,400 operated
producing wells and more than 600,000 net acres.The company plans to add an
operated drilling rig in the second quarter of this year to drill
approximately 40 wells.The total estimated Hugoton Basin capital for 2013
will be approximately $20 million.LINN's net production from the Hugoton
Basin averaged 139 MMcfe/d for the fourth quarter of 2012.

Permian Basin

The Permian Basin continues to be a core area for LINN as the company now has
approximately 100,000 net acres and operates more than 1,450 wells in the
basin.Net full-year production for 2012 averaged 13.8 MBoe/d, an increase of
14 percent over the 12.1 MBoe/d for the full-year 2011.

LINN owns interests in more than 30,000 net acres in the Permian Wolfberry
play, where the company ran a six-rig drilling program in 2012 to drill 116
operated wells. LINN plans to continue its Wolfberry program in the Permian in
2013, with net capital of approximately $225 million. LINN will focus
primarily on a four-rig program to drill about 100 Wolfberry wells over the
course of the year.

The majority of LINN's Wolfberry wells include production from the Spraberry,
Wolfcamp and Strawn intervals. Many of the wells also test the deeper Atoka
and Fusselman intervals. In addition, LINN conducted a 20-acre infill pilot
program last year that included micro-seismic evaluation. The results of this
pilot will serve as a tool to help guide future infill development plans and
may significantly increase the company's inventory of Wolfberry drilling
locations.

Williston Basin

LINN built its non-operated acreage position to 23,000 net acres in the
Williston Basin through three acquisitions that closed mid-year 2011.Activity
levels remain high and in 2012 the company participated in 124 Bakken wells
with working interests averaging 6 percent for a total net cost of
approximately $75 million.

LINN's net production from the Bakken averaged 3.9 MBoe/d for 2012, up 86
percent over production of approximately 2.1 MBoe/d in 2011.In 2013, the
company plans to spend approximately $65 million in the Bakken to participate
in about 90 gross horizontal wells.

Fourth Quarter 2012 Results

LINN increased production by 88 percent to an average of 800 MMcfe/d in the
fourth quarter 2012, compared to 425 MMcfe/d for the fourth quarter 2011.
Production was positively impacted by acquisitions and excellent operating
results.

During the fourth quarter 2012, the company's hedged realized average price
for oil was $93.63 per Bbl. The hedged realized average price for natural gas
was $5.21 per Mcf. This equates to a $1.75 per Mcf benefit from its hedge
positions over its unhedged realized average price of $3.46 per Mcf. The
realized average price for NGL production was $29.80 per Bbl.

Decreased workover costs, operational efficiencies, and lower service costs
continue to reduce lease operating expenses (LOE) per Mcfe. During the
quarter, the company experienced a 25 percent reduction in LOE per Mcfe from
the same period last year. LINN's water-management efforts, both in the
Granite Wash area and Permian Basin, have resulted in significant cost
reductions and more efficient completion operations.

LINN's distribution coverage ratio was 1.07x for the fourth quarter 2012. The
company increased adjusted EBITDA (a non-GAAP financial measure) by 35 percent
to $379 million for the fourth quarter 2012.

Adjusted EBITDA is a measure used by company management to evaluate cash flow
and the company's ability to sustain or increase distributions. A
reconciliation of adjusted EBITDA to net income (loss) is provided in this
release (see Schedule 1).The most significant reconciling items are interest
expense and noncash items, including the change in fair value of derivatives,
and depreciation, depletion and amortization.

For the fourth quarter 2012, the company reported a net loss of $187 million,
or $0.83 per unit, which includes a noncash loss of $8 million, or $0.03 per
unit, from the change in fair value of hedges covering future production, an
expense of $276 million, or $1.22 per unit, on the impairment of long-life
assets, and a gain of $3 million, or $0.01 per unit, related to other items.
Excluding these items, adjusted net income (a non-GAAP financial measure) for
the fourth quarter 2012 was $94 million, or $0.41 per unit, compared to
adjusted net income of $89 million, or $0.51 per unit, for the fourth quarter
2011 (see Schedule 2).

Adjusted net income is presented as a measure of the company's operational
performance from oil and natural gas properties, prior to unrealized
derivative gains and losses, impairment of long-life assets, loss on
extinguishment of debt and (gains) losses on the sale of assets, net, because
these items affect the comparability of operating results from period to
period. A reconciliation of adjusted net income to net income (loss) is
provided in this release (see Schedule 2).

Full-Year 2012 Results

LINN increased year-over-year production by 82 percent to 671 MMcfe/d in 2012,
compared to 369 MMcfe/d in 2011. Production was positively impacted by
acquisitions and excellent operating results.

For 2012, the company's hedged realized average price for oil was $93.10 per
Bbl.The hedged realized average price for natural gas was $5.48 per Mcf. This
equates to a $2.61 per Mcf benefit from its hedge position over its unhedged
realized average price of $2.87 per Mcf.The realized average price for NGL
production was $32.10 per Bbl.

The distribution coverage ratio was 1.14x for 2012. Adjusted EBITDA increased
by 40 percent to $1.4 billion in 2012.

For 2012, the company reported net loss of $387 million, or $1.92 per unit.
This includes a noncash loss of $278 million, or $1.39 per unit, from the
change in fair value of hedges covering future production, an expense of $422
million, or $2.07 per unit, on the impairment of long-life assets, and a gain
of $20 million, or $0.10 per unit, related to other items. Excluding these
items, adjusted net income for 2012 was $293 million or $1.44 per unit,
compared to $313 million, or $1.80 per unit, for 2011 (see Schedule 2).

Supplemental information on the company's financial and operational results
can be found under Presentations at www.linnenergy.com.

Acquisitions

LINN and LinnCo, earlier today announced a definitive merger agreement to
acquire all of Berry Petroleum Company's outstanding shares for total
consideration of $4.3 billion, including the assumption of debt.Berry's
long-life, mature asset portfolio will provide the company with a significant
geographic presence in California, the Permian Basin, East Texas, and the
Rockies, as well as the addition of an attractive new core area in the Uinta
Basin.The acquisition will increase LINN's estimated proved reserves by
approximately 1.65 Tcfe, and production by approximately 240 MMcfe/d.This
acquisition results in a 97 percent increase in LINN's proved oil
reserves.The transaction is expected to close in the second quarter of 2013.

On March 30, 2012, LINN completed the acquisition of the Hugoton Basin
properties located in Kansas from BP America Production Company ("BP"), with a
contract price of $1.2 billion.The Hugoton properties included approximately
689 Bcfe of proved reserves as of the acquisition date and the Jayhawk natural
gas processing plant.

LINN entered into a joint-venture (JV) agreement with an affiliate of Anadarko
Petroleum Corporation, in which the company participates as a partner in the
CO[2] enhanced oil recovery development of the Salt Creek Field.The field is
located in the Powder River Basin of Wyoming. Anadarko assigned LINN 23
percent of its interest in the field in exchange for future funding of $400
million of Anadarko's development costs.As of December 31, 2012, LINN has
paid approximately $201 million towards the future funding commitment.The
acquisition included approximately 16 MMBoe of proved reserves as of the JV
Agreement date.The agreement was signed and closed April 3, 2012.

LINN acquired properties in the Jonah Field, from BP, on July 31, 2012, with a
contract price of $1.025 billion.The Jonah Field is located in the Green
River Basin of southwest Wyoming and included approximately 806 Bcfe of proved
reserves as of the acquisition date.

During 2012, LINN completed other smaller acquisitions of oil and natural gas
properties located in various operating regions.The company, in the
aggregate, paid approximately $290 million in total consideration for these
properties.

Reserve Update

LINN increased year-end 2012 proved reserves by 42 percent over year-end 2011
reserves. As of December 31, 2012, the company's estimated proved reserves
were 4.8 Tcfe. Proved reserves were balanced between liquids and natural gas
with 46 percent liquids (24 percent oil, 22 percent NGL) and 54 percent
natural gas. Approximately 65 percent were classified as proved developed,
with a total standardized measure of discounted future net cash flows of $6.1
billion. The company's estimated reserves at year-end 2012 were based on the
unweighted average of the first-day-of-the-month prices for each month, which
were $94.64 per Bbl and $2.76 per Mcf.The company estimates the PV-10 (a
non-GAAP financial measure) of its proved reserves to be approximately $8
billion, based on its oil and natural gas hedge prices for 2013 - 2018 and
strip prices as of December 31, 2012, for unhedged volumes (see Schedule 4).

During 2012, LINN spent $1.06 billion on its oil and natural gas capital
program, drilling 440 gross wells and completing numerous workover and
recompletion projects.The company demonstrated its ability to grow
organically through the addition of 709 BCFE of proved reserves, primarily
from the Granite Wash horizontal drilling program, and the addition of proved
undeveloped reserves in the Green River and Hugoton Basins where the company
plans capital drilling programs in 2013 and beyond.Excluding non-performance
related revisions due to lower commodity prices than year-end 2011 and the
removal of low value proved undeveloped reserves that had been on the books
for five years, the company achieved the following results:excluding
acquisitions, a reserve replacement ratio of 150 percent at a finding and
development cost of $2.88/Mcfe; including acquisitions, a reserve replacement
ratio of 869 percent at a reserve replacement cost of $1.77/Mcfe.

Proved Reserves Table (Bcfe)

Proved reserves at December 31, 2011                      3,370
Revisions of previous estimates due to price               (248)
Revisions of previous estimates due to PUD SEC 5 year rule (215)
Other revisions                                            (340)
Purchase of minerals in place                              1,766
Extensions, discoveries and other additions                709
Production                                                 (246)
Proved reserves at December 31, 2012                       4,796

2012 Costs Expended Table ($ millions) (a Non-GAAP Financial Measure)*

Oil and natural gas capital costs expended, excluding asset retirement  $1,062
costs
Property acquisition capital                                            $2,713
Total costs incurred, excluding asset retirement costs                  $3,775

*See Schedule 3.

2013 Capital Program

LINN will focus its $1.1 billion 2013 capital program on oil and liquids-rich
development. Approximately 35 percent of its capital will be allocated to the
Granite Wash to drill or participate in approximately 80 horizontal wells, 18
percent to the Permian Basin to drill or participate in an estimated 100
wells, 12 percent to the Green River Basin region, nine percent to the
Cleveland play, and six percent to the Bakken. Overall, the company will drill
or participate in approximately 500 wells. The balance of the capital program
will primarily focus on workover, recompletion, optimization and facilities
projects.

Financial Update

During 2012, the company accessed the capital markets through $2 billion of
public equity offerings and a $1.8 billion bond offering that provided net
proceeds of approximately $3.8 billion to fund the approximate $2.9 billion in
acquisitions closed in 2012.These offerings helped provide the company with
the financial flexibility to continue pursuing its acquisition growth
strategy.

LinnCo IPO

On October 11, 2012, LinnCo, LLC (Nasdaq:LNCO), priced its initial public
offering of 34,787,500 common shares, including the over-allotment, at $36.50
per share. LinnCo used the net proceeds of approximately $1.2 billion from the
offering, which closed on October 17, 2012, to purchase an equal number of
LINN units.LINN used those net proceeds to repay indebtedness outstanding
under its revolving credit facility. LinnCo is a limited liability company,
the sole voting share of which is owned by LINN, created to enhance LINN's
ability to raise additional equity capital to execute on its acquisition and
growth strategy. LinnCo has elected to be treated as a corporation for federal
income tax purposes; accordingly investors in LinnCo will receive a quarterly
cash dividend and a Form 1099 instead of a Schedule K-1.

Cash Distributions

On January 24, 2013, LINN Energy's board of directors declared a quarterly
cash distribution of $0.725 per unit, or $2.90 per unit on an annualized
basis, with respect to the fourth-quarter 2012. The distribution was paid
February 14, 2013, to unitholders of record as of the close of business on
February 7, 2013.

On January 24, 2013, LinnCo's board of directors declared its second cash
dividend since its initial public offering of $0.71 per common share, which
reflects a reduction for taxes of $0.015 per common share from the LINN Energy
distribution of $0.725 per unit. The cash dividend of $0.71 per common share
was paid on February 15, 2013, to shareholders of record at the close of
business on February 7, 2013.

Management is evaluating a change in the company's distribution policy to
increase the frequency of its cash distributions from quarterly to monthly.

Guidance Update

Updated operational and financial guidance is provided in the supplemental
information posted at www.linnenergy.com.

Annual Report on Form 10‑K

LINN Energy plans to file its Annual Report on Form 10‑K for the year-ended
December 31, 2012, with the Securities and Exchange Commission on February 21,
2013.

LinnCo plans to file its Annual Report on Form 10-K for the year-ended
December 31, 2012, with the Securities and Exchange Commission on February 28,
2013.

Conference Call and Webcast

As previously announced, management will host a conference call on Thursday,
February 21, 2013, at 10 a.m. Central (11 a.m. Eastern) to discuss LINN
Energy's fourth quarter and full-year 2012 results and its outlook for 2013.
Prepared remarks by Chairman, President and Chief Executive Officer Mark E.
Ellis and Executive Vice President and Chief Financial Officer Kolja Rockov
will be followed by a question and answer session.

Prior to trading on Thursday, February 21, 2013, LINN Energy expects to issue
its earnings results for the fourth quarter and full-year 2012.

Investors and analysts are invited to participate in the call by dialing (877)
224-9081, or (720) 545-0032 for international calls using Conference ID:
39327971.Interested parties may also listen over the Internet at
www.linnenergy.com.

A replay of the call will be available on the company's website or by phone
until 4:00 p.m. Central (5 p.m. Eastern), February 28, 2013.The number for
the replay is (855) 859-2056, or (404) 537-3406 for international calls using
Conference ID: 39327971.

Non-GAAP Measures

Adjusted EBITDA is a non-GAAP financial measure that is reconciled to its most
comparable GAAP financial measure under the heading "Explanation and
Reconciliation of Adjusted EBITDA" in this press release (see Schedule 1).

Adjusted net income is a non-GAAP financial measure that is reconciled to its
most comparable GAAP financial measure under the heading "Explanation and
Reconciliation of Adjusted Net Income" in this press release (see Schedule 2).

The methods used by the company to calculate finding and development cost and
reserve-replacement ratio may differ from methods used by other companies to
compute similar measures. As a result, the company's measures may not be
comparable to similar measures provided by other companies (see Schedule 3).

PV-10 is a non-GAAP financial measure that is reconciled to its most
comparable GAAP financial measure under the heading "Explanation and
Reconciliation of PV-10" in this press release (see Schedule 4).

ABOUT LINN ENERGY

LINN Energy's mission is to acquire, develop and maximize cash flow from a
growing portfolio of long-life oil and natural gas assets. LINN Energy is a
top-15 U.S. independent oil and natural gas development company, with
approximately 4.8 Tcfe of proved reserves in producing U.S. basins as of
December 31, 2012. More information about LINN Energy is available at
www.linnenergy.com.

The LINN Energy logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6573

ABOUT LINNCO

LinnCo was created to enhance LINN Energy's ability to raise additional equity
capital to execute on its acquisition and growth strategy.LinnCo is a
Delaware limited liability company that has elected to be taxed as a
corporation for United States federal income tax purposes, and accordingly its
shareholders will receive a Form 1099 in respect of any dividends paid by
LinnCo. More information about LinnCo is available at www.linnco.com.

ABOUT BERRY PETROLEUM COMPANY

Berry Petroleum Company is a publicly traded independent oil and natural gas
production and exploitation company with operations in California, Texas,
Utah, and Colorado. The company uses its website as a channel of distribution
of material company information. Financial and other material information
regarding the company is routinely posted on and accessible at
http://www.bry.com.

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements concerning the proposed
transactions, its financial and business impact, management's beliefs and
objectives with respect thereto, and management's current expectations for
future operating and financial performance, based on assumptions currently
believed to be valid. Forward-looking statements are all statements other than
statements of historical facts. The words "anticipates," "may," "can,"
"plans," "believes," "estimates," "expects," "projects," "intends," "likely,"
"will," "should," "to be," and any similar expressions or other words of
similar meaning are intended to identify those assertions as forward-looking
statements. It is uncertain whether the events anticipated will transpire, or
if they do occur what impact they will have on the results of operations and
financial condition of LINN, LinnCo, Berry or of the combined company. These
forward-looking statements involve significant risks and uncertainties that
could cause actual results to differ materially from those anticipated,
including but not limited to the ability of the parties to satisfy the
conditions precedent and consummate the proposed transactions, the timing of
consummation of the proposed transactions, the ability of the parties to
secure regulatory approvals in a timely manner or on the terms desired or
anticipated, the ability of LINN to integrate the acquired operations, the
ability to implement the anticipated business plans following closing and
achieve anticipated benefits and savings, and the ability to realize
opportunities for growth. Other important economic, political, regulatory,
legal, technological, competitive and other uncertainties are identified in
the documents filed with the Securities and Exchange Commission (the "SEC") by
LINN and LinnCo from time to time, including their respective Annual Reports
on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K.
The forward-looking statements including in this press release are made only
as of the date hereof. Neither LINN nor LinnCo undertakes any obligation to
update the forward-looking statements included in this press release to
reflect subsequent events or circumstances.

All amounts within the following financial summary are unaudited.

                                  Schedule 1
                               LINN Energy, LLC
              Explanation and Reconciliation of Adjusted EBITDA

Adjusted EBITDA

Adjusted EBITDA (a non-GAAP financial measure), as defined by the Company, may
not be comparable to similarly titled measures used by other
companies.Therefore, adjusted EBITDA should be considered in conjunction with
net income and other performance measures prepared in accordance with GAAP,
such as operating income or cash flow from operating activities.Adjusted
EBITDA should not be considered in isolation or as a substitute for GAAP
measures, such as net income, operating income or any other GAAP measure of
liquidity or financial performance.

The Company defines adjusted EBITDA as net income (loss) plus the following
adjustments:

  *Net operating cash flow from acquisitions and divestitures, effective date
    through closing date;
  *Interest expense;
  *Depreciation, depletion and amortization;
  *Impairment of long-lived assets;
  *Write-off of deferred financing fees;
  *(Gains) losses on sale of assets and other, net;
  *Provision for legal matters;
  *Loss on extinguishment of debt;
  *Unrealized (gains) losses on commodity derivatives;
  *Unrealized (gains) losses on interest rate derivatives;
  *Realized (gains) losses on interest rate derivatives;
  *Realized (gains) losses on canceled derivatives;
  *Realized gains on recovery of bankruptcy claim;
  *Unit-based compensation expenses;
  *Exploration costs; and
  *Income tax expense (benefit).

Adjusted EBITDA is a measure used by Company management to indicate (prior to
the establishment of any reserves by its Board of Directors) the cash
distributions the Company expects to make to its unitholders.Adjusted EBITDA
is also a quantitative measure used throughout the investment community with
respect to publicly-traded partnerships and limited liability companies.


Schedule 1 – Continued
LINN Energy, LLC
Explanation and Reconciliation of Adjusted EBITDA

The following presents a reconciliation of net income (loss) to adjusted
EBITDA:
                                                                
                         Three Months Ended          Year Ended
                         December31,                December31,
                         2012           2011         2012          2011
                         (in thousands)
                                                                
Net income (loss)         $ (187,495)    $ (189,615)  $ (386,616)   $438,439
Plus:                                                            
Net operating cash flow
from acquisitions and
divestitures, effective   (1,145)        20,086       80,502        57,966
date through closing date
^(1)
Interest expense          102,331        68,052       379,937       259,725
Depreciation, depletion   177,673        100,045      606,150       334,084
and amortization
Impairment of long-lived  276,000        —            422,499       —
assets
Write-off of deferred     —              —            7,889         1,189
financing fees
Losses on sale of assets  430            873          1,302         124
and other, net ^(2)
Provision for legal       (691)          310          414           1,086
matters ^(3)
Loss on extinguishment of —              240          —             94,612
debt
Unrealized (gains) losses
on commodity derivatives  8,281          277,650      277,882       (192,951)
^(4)
Realized gains on         —              —            —             (26,752)
canceled derivatives ^(5)
Realized gains on
recovery of bankruptcy    (3,226)        —            (21,503)      —
claim ^(6)
Unit-based compensation   7,798          5,484        29,533        22,243
expenses
Exploration costs         708            892          1,915         2,390
Income tax expense        (1,690)        (3,264)      2,790         5,466
(benefit)
Adjusted EBITDA           $378,974     $280,753   $1,402,694  $997,621

^(1)^ Represents cash, based on contractual arrangements, the Company
received or paid from the effective date to the closing date of the
transaction.The effective date is the first date the buyer is entitled to
receive the economic benefit from properties included in the transaction.
^(2)^ Represent gains or losses on the sale of assets, gains or losses on
inventory valuation and amortization of basis difference for equity method
investments.
^(3)^ Represents reserves and settlements related to legal matters.
^(4)^ Represent adjustments in market valuations of derivatives from period
to period and include the premiums associated with put option contracts over
time.
^(5)^ Represent derivatives canceled prior to the contract settlement
date.In 2011, commodity derivatives were canceled and the proceeds were
reallocated within the Company's derivatives portfolio.
^(6)^ Represent the recoveries of a bankruptcy claim against Lehman Brothers
which was not a transaction occurring in the ordinary course of the Company's
business.


Schedule 2
LINN Energy, LLC
Explanation and Reconciliation of Adjusted Net Income
Adjusted Net Income
Adjusted net income (a non-GAAP financial measure), as defined by the Company,
may not be comparable to similarly titled measures used by other
companies.Therefore, adjusted net income should be considered in conjunction
with net income (loss) and other performance measures prepared in accordance
with GAAP.Adjusted net income should not be considered in isolation or as a
substitute for GAAP measures, such as net income (loss) or any other GAAP
measure of liquidity or financial performance.Adjusted net income is a
performance measure used by management to evaluate the Company's operational
performance from oil and natural gas properties, prior to unrealized (gains)
losses on derivatives, realized (gains) losses on canceled derivatives,
realized gains on recovery of bankruptcy claim, impairment of long-lived
assets, loss on extinguishment of debt and (gains) losses on sale of assets,
net.
The following presents a reconciliation of net income (loss) to adjusted net
income:
                                                              
                      Three Months Ended           Year Ended
                      December31,                 December31,
                      2012           2011          2012          2011
                      (in thousands, except per unit amounts)
                                                              
Net income (loss)      $ (187,495)    $ (189,615)   $ (386,616)   $438,439
Plus:                                                          
Unrealized (gains)
losses on commodity    8,281          277,650       277,882       (192,951)
derivatives
Realized gains on      —              —             —             (26,752)
canceled derivatives
Realized gains on
recovery of bankruptcy (3,226)        —             (21,503)      —
claim
Impairment of          276,000        —             422,499       —
long-lived assets
Loss on extinguishment —              240           —             94,612
of debt
(Gains) losses on sale 395            838           1,161         (17)
of assets, net
Adjusted net income    $93,955      $89,113     $293,423    $313,331
                                                              
Net income (loss) per  $ (0.83)       $ (1.09)      $ (1.92)      $2.52
unit - basic
Plus, per unit:                                                
Unrealized (gains)
losses on commodity    0.03           1.60          1.39          (1.11)
derivatives
Realized gains on      —              —             —             (0.15)
canceled derivatives
Realized gains on
recovery of bankruptcy (0.01)         —             (0.11)        —
claim
Impairment of          1.22           —             2.07          —
long-lived assets
Loss on extinguishment —              —             —             0.54
of debt
(Gains) losses on sale —              —             0.01          —
of assets, net
Adjusted net income    $0.41        $0.51       $1.44       1.80
per unit - basic


Schedule 3
LINN Energy, LLC
Reserve Replacement Metrics
Reserve Replacement Metrics
The reserve replacement metrics provided herein are non-GAAP financial
measures.The methods used by the Company to calculate reserve replacement
cost and finding and development cost may differ from methods used by other
companies to compute similar measures.As a result, the Company's measures may
not be comparable to similar measures provided by other companies.The Company
believes that providing such measures is useful in evaluating the cost to add
proved reserves; however, these measures should not be considered in isolation
or as a substitute for GAAP measures, such as costs incurred in oil and
natural gas property acquisition and development, contained in the Company's
financial statements prepared in accordance with GAAP.The following presents
the calculations of reserve replacement cost and finding and development cost:
                                                        
                                    Year Ended December 31,
                                    2012                 2011
Costs incurred (in thousands):                           
Costs incurred in oil and natural
gas property acquisition,            $3,779,713         $2,158,639
exploration and development
Less:                                                    
Asset retirement costs               (4,675)              (2,427)
Property acquisition costs           (2,712,543)          (1,516,737)
Oil and natural gas capital costs    $1,062,495         $639,475
expended, excluding acquisitions
                                                        
Reserve data (MMcfe):                                    
Purchase of minerals in place        1,766,007            579,003
Extensions, discoveries and other    708,695              449,818
additions
Add:                                                     
Revisions of previous estimates      (803,163)            (120,892)
Annual additions                     1,671,539            907,929
Less:                                                    
Purchase of minerals in place        (1,766,007)          (579,003)
Annual additions, excluding          (94,468)             328,926
acquisitions
                                                        
Annual production (MMcfe)            245,663              134,645
                                                        
Reserve replacement metrics:                             
Reserve replacement cost per Mcfe    $2.26              $2.37
^(1)
Reserve replacement ratio ^(2)       680%                 674%
Finding and development cost from    NM ^(5)              1.94
the drillbit per Mcfe ^(3)
Drillbit reserve replacement ratio   NM ^(5)              244%
^(4)
                                                        
^(1)^ (Oil and natural gas capital costs expended) divided by (Annual
additions)
^(2)^ (Annual additions) divided by (Annual production)
^(3)^ (Oil and natural gas capital costs expended, excluding acquisitions)
divided by (Annual additions, excluding acquisitions)
^(4)^ (Annual additions, excluding acquisitions) divided by (Annual
production)
^(5)^ Not meaningful due to the impact of a significant decrease in year-end
natural gas prices at December 31, 2012, compared to December31, 2011.


Schedule 4
LINN Energy, LLC
Exploration and Reconciliation of PV-10
PV-10
PV-10 represents the present value, discounted at 10% per year, of estimated
future net revenues.The Company's calculation of PV-10 differs from the
standardized measure of discounted future net cash flows determined in
accordance with the rules and regulations of the Securities and Exchange
Commission ("SEC") in that it is presented including the impacts of its oil
and natural gas hedge values for 2013-2018 and strip prices as of December31,
2012, rather than the average price during the 12-month period, determined as
an unweighted average of the first-day-of-the-month price for each month, and
without giving effect to derivatives.The Company calculates PV-10 value in
this manner because such a large percentage of the Company's forecasted oil
and natural gas production is hedged for multiple-year periods, and management
therefore believes that its PV-10 calculation more accurately reflects the
value of its estimated future net revenues.The information used to calculate
PV-10 is not derived directly from data determined in accordance with the
provisions of applicable accounting standards.The Company's calculation of
PV-10 should not be considered as an alternative to the standardized measure
of discounted future net cash flows determined in accordance with the rules
and regulations of the SEC.The following presents a reconciliation of
standardized measure of discounted future net cash flows to the Company's
calculation of PV-10 at December31, 2012 (in millions):
                                                         
Standardized measure of discounted future net cash flows  $6,073
Plus:Difference due to oil and natural gas hedge prices  1,745
and strip prices for unhedged volumes
PV-10                                                     $7,818

Supplemental information on the Company's financial and operational results
can be found under Presentations at www.linnenergy.com.

CONTACT: LINN Energy, LLC and LinnCo, LLC

         Investors & Media:
         Clay Jeansonne, Vice President, Investor and Public Relations
         281-840-4193

         Brook Wootton, Director, Investor and Public Relations
         281-840-4099

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