ASX ANNOUNCEMENT LINC ENERGY ACQUIRES OIL PRODUCING ASSETS IN WYOMING, USA
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1 ABN: ACN: Smellie & Co Building, 32 Edward Street (GPO Box 1315) BRISBANE QLD 4001 Telephone: (07) Facsimile: (07) ASX ANNOUNCEMENT 25 February 2011 LINC ENERGY ACQUIRES OIL PRODUCING ASSETS IN WYOMING, USA Linc Energy has acquired 27,856 acres of producing oil fields in the Powder River Basin in Wyoming, USA from Rancher Energy Corp. Current oil production of approximately 190 barrels per day across three fields. Potential to increase oil production from EOR (CO 2 Flooding) could be in the 10,000 barrels/day to 20,000 barrels/day range with total recoverable oil from these fields being approximately 100 million barrels. Immediate revenue to be realised following completion of the transaction Linc Energy Ltd (ASX:LNC) (OTCQX:LNCGY) is pleased to announce that its wholly owned subsidiary, Linc Energy Petroleum (Wyoming) Inc., has acquired three producing oil fields (approximately 27,856 acres) from Rancher Energy Corp., securing immediate oil production and a significant CO 2 enhanced oil recovery (EOR) opportunity. The three oil fields have been acquired from Rancher Energy Corp., a Nevada corporation currently in Chapter 11 bankruptcy, for a total consideration of US$20 million. Prior to entering Chapter 11 bankruptcy, Rancher Energy Corp. had acquired the three fields for a total consideration of approximately US$70 million. The Linc acquisition of the Rancher Energy assets was approved by the United States Bankruptcy Court on February 24, 2011 and completion of the transaction is expected in March The three fields purchased from Rancher Energy are Big Muddy, South Glenrock B and South Cole Creek. The fields, located 15 miles east of Casper, Wyoming, have combined production of million barrels of oil to date from an estimated Original Oil in Place (OOIP) of million barrels of oil. Independent reports commissioned by Rancher Energy indicate that the fields have the potential to increase recoverable oil by up to 70 million barrels from enhanced oil recovery (EOR) techniques utilising CO 2 flooding operations. Big Muddy field Big Muddy field was discovered in 1917 producing from the Upper Shannon sandstone at a depth of 984 feet (300m). The primary reservoir in the field was the Second Frontier (sometimes referred to as the Second Wall Creek) at a depth of 3100 feet (945m). The State Page 1 of 5
2 of Wyoming Oil and Gas Conservation Commission (WOGCC) reports that the field has produced 53.8 million barrels of oil to date. Historically the field has produced from the Shannon, Niobrara, Frontier, Dakota and Lakota sandstones. Volumetric calculations indicate that the Second Frontier alone has 255 million barrels OOIP with primary and secondary recovery efforts to date in the Second Frontier having only recovered 12.5%. South Glenrock field South Glenrock field was discovered in 1950 producing from the Dakota formation at a depth of 5,880 feet (1,792m). The WOGCC reports that the field s cumulative production is 75.7 million barrels of oil to date. The field has produced from the Dakota and two separate sands in the Muddy Sandstone, however other intervals that have had oil shows in the field are the Shannon, Frontier and Niobrara. Volumetric analysis of the three primary producing intervals indicate an OOIP of million barrels of oil, with a 44% recovery factor to date. South Cole Creek field South Cole Creek was discovered in 1948 producing from the Lakota formation at a depth of 8,300 feet (2,530m). The Lakota and Dakota formations are the two primary producing horizons in the field. Other zones of interest or production include the Shannon, Muddy, Frontier, Niobrara and Mowry. The WOGCC reports that to date the field has produced 17.1 million barrels of oil. Volumetric calculations indicate 41.3 million barrels OOIP, with a recovery factor of 41% to date. Key terms of the Agreement The key terms of the Asset Purchase Agreement between Linc Energy and Rancher Energy are as follows: 1. The purchase price of the assets is US$20 million (less adjustments). 2. The assets purchased consist primarily of oil & gas leases, property interests (including all overriding royalty interests held by Rancher Energy) and wells upon the Big Muddy, South Glenrock and South Cole Creek oil fields located in Converse County and Natrone County, Wyoming. 3. The total area of these leases is approximately 27,856 acres. Linc Energy holds significant coal leases in the Powder River Basin and is currently permitting its first underground coal gasification (UCG) operation in that region, with the first gasification operations expected to commence later this year (2011). The acquisition of the Rancher Energy oil fields is the first strategic acquisition by the Linc Energy of producing North American petroleum assets which deliver immediate revenue whilst also providing an entry point into the established EOR market utilizing the valuable CO 2 stream produced from UCG operations and other CO 2 sources. Peter Bond, CEO of Linc Energy, said, We recognized some time ago that significant value could be delivered to our shareholders if we combined UCG operations with Enhanced Oil Recovery from depleted oil fields using CO 2 flooding. We have been diligently working on assessing UCG and EOR opportunities in the USA for over 12 months and announced our intentions to enter this market at the end of The Rancher Energy deal represents the first step in this process and is a milestone for our expanding North American oil operations. Page 2 of 5
3 Over the coming months we will continue to work on many other oil and EOR opportunities, whilst our experienced Linc Energy Wyoming operations team looks to optimize and increase current oil production upon the three oil fields we ve just purchased from Rancher. There is considerable potential for Linc to increase oil production from traditional methods whilst we start to execute EOR upon these oil fields. Once you start the CO 2 flood, the studies completed by Rancher on these fields show that Linc Energy can potentially increase oil production from a few hundred barrels/day to 10,000 to 20,000 barrels/day of oil with recoverable oil from EOR being in the 50 million to 100 million barrels. The cash flow from these Rancher oil fields is potentially very significant and the announcement today by Linc Energy of the Rancher purchase, which comes with immediate oil revenue is a great step forward for Linc Energy and its EOR plans, Mr. Bond CEO of Linc Energy said. For more information visit or contact our office on Peter Bond Chief Executive Officer Information for Media: Greg Meyer General Manager Corporate Communications greg.meyer@lincenergy.com.au ASX Contact: Brook Burke Company Secretary brook.burke@lincenergy.com.au Information for Investors: Justyn Peters General Manager Investor Relations justyn.peters@lincenergy.com.au Page 3 of 5
4 Page 4 of 5
5 Company Profile LEA#1 Linc Energy is an innovative, forward-thinking company developing a significant energy business based on the production of cleaner energy solutions. Linc Energy has successfully combined two known technologies, Underground Coal Gasification (UCG) and Gas to Liquids (GTL) and has demonstrated its vision of being a leading supplier of a new source of cleaner liquid transport fuels for the future. UCG technology provides access to coal, deep underground and by in-situ gasification produces a high quality synthesis gas (syngas) containing carbon monoxide and hydrogen. Aboveground, in the GTL process, syngas is processed via Fischer-Tropsch technology to produce high quality, sulphur free synthetic hydrocarbons. Linc Energy plans to combine its UCG and GTL technologies commercially at sites in Australia and around the globe as it realises its vision of becoming the world s leader in providing cleaner synthetic diesel and jet fuels from stranded coal resources. UCG produced syngas can also be used as a feedstock to generate gas turbine combined cycle power, resulting in reduced greenhouse gas emissions. With significant coal deposits suitable for UCG technology, Linc Energy can provide alternative sources of liquid fuels and power generation well into the foreseeable future. Linc Energy represents a new future for liquid fuels production and high efficiency energy generation. Page 5 of 5
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