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HOUSTON, Sept. 27, 2012 (GLOBE NEWSWIRE) -- LINN Energy, LLC (Nasdaq:LINE) announced today that it is updating its third quarter 2012 guidance and financial outlook for the full year 2012. In addition, the company is providing updated well results associated with its Hogshooter drilling program in the Granite Wash.
LINN anticipates the mid-point of its third quarter 2012 adjusted EBITDA to be approximately $380 million and total production during the quarter to be between 760 MMcfe/d and 780 MMcfe/d. LINN expects its third quarter distribution coverage ratio to be approximately 1.25x.
For the full-year 2012, LINN estimates the mid-point of adjusted EBITDA to be approximately $1,365 million and anticipates a distribution coverage ratio over 1.10x. Furthermore, LINN is updating its 2012 total production guidance to be between 660 MMcfe/d and 685 MMcfe/d.
During the third quarter, LINN drilled an additional nine operated horizontal Hogshooter wells with an average initial production rate of 1,983 Bbls/d of oil, 534 Bbls/d of NGLs and 3.4 MMcf/d of natural gas per well. To-date, the company has drilled and completed 12 Hogshooter wells with an average initial production rate of 2,110 Bbls/d of oil, 528 Bbls/d of NGLs and 3.4 MMcf/d of natural gas per well.
Adjusted EBITDA is a non-GAAP financial measure that is described under the heading "Explanation of Adjusted EBITDA" in this press release (see Schedule 1).
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 5.1 Tcfe of proved reserves (pro forma for closed 2012 acquisitions) in producing U.S. basins as of Dec. 31, 2011. More information about LINN Energy is available at
The LINN Energy logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6573This 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 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 acquisitions 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 the company's financial performance and results, availability of sufficient cash flow to pay distributions and execute its business plan, prices and demand for oil, natural gas and natural gas liquids, the ability to replace reserves and efficiently develop current reserves and other important factors that could cause actual results to differ materially from those projected as described in the company's reports filed with the Securities and Exchange Commission. See "Risk Factors" in the company's Annual Report filed on Form 10-K and other public filings and press releases.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.Schedule 1 LINN Energy, LLC Explanation of Adjusted EBITDAAdjusted 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.