HOUSTON, March 01, 2016 (GLOBE NEWSWIRE) -- LINN Energy, LLC (NASDAQ:LINE) (“LINN” or the “Company”) and LinnCo, LLC (NASDAQ:LNCO) today announced that it has filed with the U.S. Securities and Exchange Commission (SEC) a Form 12b-25 Notification of Late Filing with regard to its Annual Report on Form 10-K for the year ended December 31, 2015 to allow additional time to complete its financial statements and related disclosures. Additional information can be found in LINN’s and LinnCo’s Forms 12b-25 on file with the SEC.
As previously announced, the Company has initiated a process to explore strategic alternatives to strengthen its balance sheet and maximize the value of the Company. LINN currently has adequate resources to continue the efficient operations of its assets and intends to continue making payments in full under normal terms to all of its vendors, suppliers and partners. The Company currently has more than $1 billion in cash and cash equivalents, which among other things, will be used for general corporate purposes.
The Board of Directors and management are in the process of evaluating strategic alternatives to help provide the Company with financial stability, but no assurance can be given as to the outcome or timing of this process.
ABOUT LINN ENERGY
LINN Energy’s mission is to acquire, develop and maximize cash flow from a portfolio of long-life oil and natural gas assets. More information about LINN Energy is available at www.linnenergy.com.
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.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
This press release includes "forward-looking statements." All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes, targets or anticipates will or may occur in the future are forward-looking statements. These statements include, but are not limited to forward-looking statements about balance sheet management, acquisitions, divestitures and trades, potential strategic alliances, and the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including the Company's drilling program, production, hedging activities, capital expenditure levels and other guidance included in this press release. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include risks relating to financial performance and results, the significant amount of indebtedness under our credit facilities and senior notes, access to capital markets, availability of sufficient cash flow to execute our business plan, implementation of our expense reduction strategy, continued low or further declining commodity prices and demand for oil, natural gas and natural gas liquids, ability to hedge future production, the ability to replace reserves and efficiently develop current reserves, the regulatory environment, and other important factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. See "Risk Factors" in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings.
Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise.
CONTACTS: LINN ENERGY, LLC Investors & Media: Clay Jeansonne - Vice President - Investor Relations 281-840-4193 Sarah Nordin - Public Relations & Media 713-904-6605
Source:LINN Energy, LLC;LinnCo, LLC