Pressburg 8K Linn Energy Announces Results for First Quarter 2009 | ROAN 7 May 09

Exhibit 99.1

LINN ENERGY ANNOUNCES RESULTS FOR FIRST QUARTER 2009

Houston, Texas, May 7, 2009 – LINN Energy, LLC (NASDAQ: LINE) announced today financial and operating results for the three months ended March 31, 2009, and its outlook for the remainder of the year. The Company highlights the following significant achievements:

·	Average production at the high end of the Company’s guidance range of 217 million cubic feet of natural gas equivalent per day (MMcfe/d) compared to mid-point guidance of 214 MMcfe/d;

·	Lease operating expenses of $1.73 per thousand cubic feet equivalent (Mcfe) compared to mid-point guidance of $1.77 per Mcfe;

·	Adjusted EBITDA of $138 million compared to mid-point guidance of $136 million;

·	Distribution coverage ratio of 1.24x compared to mid-point guidance of 1.20x;

·	Closed new credit facility with a $1.75 billion borrowing base and maturity extended to August 2012;

·	Strong balance sheet with a borrowing capacity of approximately $300 million;

·	Substantially all of current production levels hedged for 2009, 2010 and 2011; and

·	Current commodity hedge portfolio with a value of approximately $900 million as of March 31, 2009.

“I am pleased to report that LINN Energy posted excellent financial and operational results during the first quarter 2009,” said Michael C. Linn, Chairman and Chief Executive Officer. “During the quarter, the Company continued to be resilient to market volatility and low commodity prices and, even in this environment, succeeded in surpassing expectations. Additionally, we believe that our long-life assets and favorable hedge positions for the next several years position the Company to continue delivering positive results.”

First Quarter 2009 Results (From Continuing Operations)

During the first quarter 2009, LINN Energy generated adjusted EBITDA (a non-GAAP financial measure) of $138 million. The Company’s distribution coverage ratio was 1.24x for the quarter. Adjusted EBITDA is the primary 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 is provided in this release (see Schedule 1). The most significant reconciling items between net income and adjusted EBITDA are interest expense and non-cash items, including the change in fair value of derivatives and depreciation, depletion and amortization.

Average production was 217 MMcfe/d for the first quarter 2009, compared to 201 MMcfe/d for the fourth quarter 2008. Oil, natural gas and NGL revenues were $80 million and hedge revenues were $124 million, for combined revenues (a non-GAAP financial measure) of $204 million for the first quarter 2009, compared to $155 million for the fourth quarter 2008.

For the first quarter 2009, lease operating expenses were lower due to a decrease in commodity prices and service costs. Transportation expenses and production and ad valorem taxes were also lower due to a decrease in commodity prices. Lease operating expenses were $34 million, or $1.73 per Mcfe, which were down from $37 million, or $2.01 per Mcfe, in the fourth quarter 2008. Transportation expenses during the quarter decreased to $3 million, or $0.15 per Mcfe, from $5 million, or $0.27 per Mcfe, for the fourth quarter 2008. Production and ad valorem taxes for the first quarter 2009 also decreased to $8 million, or $0.39 per Mcfe, compared to $14 million, or $0.74 per Mcfe, in the fourth quarter 2008.

The Company utilizes commodity hedging to capture cash flow margin and reduce cash flow volatility. Due to the decrease in commodity prices during the first quarter, the Company reported a gain on derivatives from natural gas and oil hedges of approximately $161 million for the quarter, including $37 million of non-cash change in fair value of hedge positions. Non-cash gains or losses do not affect adjusted EBITDA, cash flow from operations or the Company’s ability to pay its cash distributions.

For the first quarter 2009, the Company reported net income of $121.3 million, or $1.06 per unit, which includes a non-cash gain of $37.3 million, or $0.33 per unit, from the change in fair value of commodity hedges covering future production; a gain of $25.7 million, or $0.22 per unit, associated with settlement of post-closing matters related to the Company’s fourth quarter 2008 sale of Woodford shale assets; a realized gain of $4.3 million, or $0.04 per unit, from hedge cancellations; and a non-cash loss of $1.5 million, or $0.01 per unit, on interest rate hedges. Excluding these items, adjusted net income for the first quarter 2009 would have been $55.5 million, or $0.48 per unit.

Adjusted net income from continuing operations is a non-GAAP financial measure, and a reconciliation of adjusted net income from continuing operations to net income from continuing operations is provided in this release (see Schedule 2). Adjusted net income is presented because the excluded items affect the comparability of operating results from period to period.

Operational Update

The Company’s capital budget of $150 million is comprised of 314 projects. Approximately 225 will focus on low-cost workover, recompletion and optimization projects and the Company anticipates drilling a total of 89 wells for the year, of which 41 wells were drilled in the first quarter (8 operated). The Company operated a total of three drilling rigs in the quarter, as compared to 14 drilling rigs in the first quarter 2008.

Credit Facility

On April 28, 2009, the Company announced the closing of a new $1.75 billion secured revolving credit facility with a $1.75 billion initial borrowing base. The new credit facility’s covenants are substantially unchanged from the prior credit facility and the maturity date has been extended to August 1, 2012. The Company anticipates undrawn capacity of approximately $300 million for the balance of the year, including cash on its balance sheet.

Hedge Information

At current production levels, the Company is approximately 100 percent hedged for 2009, 2010 and 2011. For 2009, the Company’s natural gas production is hedged at a weighted average price of $8.32 per Mcf, and oil and NGL production at $102.21 per barrel. For 2010, the Company’s natural gas production is hedged at a weighted average price of $8.26 per Mcf, and oil and NGL production at $99.68 per barrel. For the next three years, substantially all of the Company’s exposure to the Mid-Continent basis differential is hedged. The Company’s LIBOR exposure is also hedged for four years at a rate of 3.85 percent.

Cash Distributions

On April 23, 2009, the Company’s Board of Directors declared a quarterly cash distribution of $0.63 per unit, or $2.52 per unit on an annualized basis, with respect to the first quarter 2009. The distribution will be paid on May 14, 2009 to unitholders of record as of the close of business on May 6, 2009.

Use of Non-GAAP Measures

Adjusted EBITDA from continuing operations and adjusted net income from continuing operations are non-GAAP financial measures that are reconciled to their most comparable GAAP financial measures in Schedules 1 and 2 in this press release.

Conference Call

As previously announced, management will host a teleconference call on May 7, 2009, at 10 a.m. Central (11 a.m. Eastern) to discuss the Company’s first quarter 2009 results and its outlook for the remainder of the year. Prepared remarks will be followed by a question and answer period.

Investors and analysts are invited to participate in the call by phone at (866) 730-5763 (Passcode: 22346001) or via the internet at www.linnenergy.com. A replay of the call will be available on the Company's website or by phone at (888) 286-8010 (Passcode: 51787154) for a seven-day period following the call.

ABOUT LINN ENERGY

LINN Energy’s mission is to acquire, develop and maximize cash flow from a growing portfolio of long-life natural gas and oil assets. LINN Energy is an independent natural gas and oil development company, with approximately 1.7 Tcfe of proved reserves in producing U.S. basins as of year-end 2008. More information about LINN Energy is available at www.linnenergy.com.

CONTACT: LINN Energy, LLC

Clay Jeansonne, Vice President – Investor Relations

281-840-4193

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 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.

The financial summary follows; all amounts within are unaudited.

Effective January 1, 2009, the Company adopted FSP EITF 03-6-1, “Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities” (“FSP EITF 03-6-1”), which requires that the Company’s unvested restricted units be included in the computation of earnings per unit under the two-class method. FSP EITF 03-6-1 requires retrospective adjustment of all prior period earnings per unit data. As such, earnings per unit data included in the following has been adjusted for all prior periods presented.

Schedule 1

LINN Energy, LLC

Explanation and Reconciliation of Adjusted EBITDA

Adjusted EBITDA

This press release includes the non-generally accepted accounting principle (“non-GAAP”) financial measure of adjusted EBITDA. The accompanying schedules provide reconciliations of this non-GAAP financial measure to its most directly comparable financial measure calculated and presented in accordance with United States generally accepted accounting principles (“GAAP”). This non-GAAP financial measure should not be considered as an alternative to GAAP measures, such as net income, operating income or any other GAAP measure of liquidity or financial performance.

The Company defines adjusted EBITDA as income (loss) from continuing operations 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 goodwill and long-lived assets;

Write-off of deferred financing fees and other;

(Gain) loss on sale of assets, net;

Unrealized (gain) loss on commodity derivatives;

Unrealized (gain) loss on interest rate derivatives;

Realized (gain) loss on interest rate derivatives;

Realized (gain) loss on canceled derivatives;

Unit-based compensation expenses;

Exploration costs; and

Income tax (benefit) expense.

Adjusted EBITDA is a significant non-GAAP performance metric 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 pay unitholders. Specifically, this financial measure indicates to investors whether or not the Company is generating cash flow at a level that can sustain or support an increase in its quarterly distribution rates. Adjusted EBITDA is also a quantitative metric 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 income (loss) from continuing operations to adjusted EBITDA:

	Three Months Ended
	March 31, 2009			December 31, 2008			March 31, 2008
	(in thousands)

Income (loss) from continuing operations	$	121,287		$	888,054		$	(258,959	)
Plus:
Net operating cash flow from acquisitions and divestitures, effective date through closing date (1)		―			(872	)		8,321
Interest expense, cash		20,610			16,782			23,354
Interest expense, noncash		(6,201	)		6,536			1,939
Depreciation, depletion and amortization		52,104			46,834			44,370
Impairment of goodwill and long-lived assets		―			50,505			―
Gain on sale of assets, net		(25,711	)		(98,763	)		―
Unrealized (gain) loss on commodity derivatives		(37,246	)		(884,865	)		253,547
Reclassification of derivative settlements (2)		―			―			10,438
Unrealized loss on interest rate derivatives		1,457			44,634			37,952
Realized loss on interest rate derivatives (3)		10,114			4,557			1,441
Realized gain on canceled derivatives		(4,257	)		―			―
Unit-based compensation expenses		4,303			3,301			3,611
Exploration costs		1,565			4,654			2,620
Income tax expense		136			1,665			209
Adjusted EBITDA from continuing operations	$	138,161		$	83,022		$	128,843

(1)	Includes net operating cash flow from acquisitions and divestitures through the date of this report.

(2)

During the second quarter of 2008, the Company revised its classification of realized and unrealized gains (losses) on gas derivative contracts in order to match realized gains (losses) with the related production. All prior periods amounts have been reclassified to conform to current period presentation. This reclassification had no effect on the Company’s reported net income.

(3)

During the first quarter of 2009, the Company revised its definition of adjusted EBITDA to include realized (gains) losses on interest rate derivatives in order to match the related interest expense. All prior periods amounts have been reclassified to conform to current period presentation. This reclassification had no effect on the Company’s reported net income.

Schedule 2

LINN Energy, LLC

Explanation and Reconciliation of Adjusted Net Income

Adjusted Net Income from Continuing Operations

Adjusted net income from continuing operations is a non-GAAP performance measure used by Company management to evaluate its operational performance from oil and gas properties, prior to derivative gains and losses, impairment of goodwill and long-lived assets and (gain) loss on sale of assets, net. The following presents a reconciliation of income (loss) from continuing operations to adjusted net income (loss) from continuing operations:

	Three Months Ended
	March 31, 2009			December 31, 2008			March 31, 2008
	(in thousands, except per unit amounts)

Income (loss) from continuing operations	$	121,287		$	888,054		$	(258,959	)
Plus:
Unrealized (gain) loss on commodity derivatives		(37,246	)		(884,865	)		253,547
Reclassification of derivative settlements		―			―			10,438
Unrealized loss on interest rate derivatives		1,457			44,634			37,952
Realized gain on canceled derivatives		(4,257	)		―			―
Impairment of goodwill and long-lived assets		―			50,505			―
Gain on sale of assets, net		(25,711	)		(98,763	)		―
Adjusted net income (loss) from continuing operations	$	55,530		$	(435	)	$	42,978

Income (loss) from continuing operations per unit – basic	$	1.06		$	7.72		$	(2.28	)
Plus, per unit:
Unrealized (gain) loss on commodity derivatives		(0.33	)		(7.69	)		2.24
Reclassification of derivative settlements		―			―			0.09
Unrealized loss on interest rate derivatives		0.01			0.39			0.33
Realized gain on canceled derivatives		(0.04	)		―			―
Impairment of goodwill and long-lived assets		―			0.44			―
Gain on sale of assets, net		(0.22	)		(0.86	)		―
Adjusted net income (loss) from continuing operations per unit – basic	$	0.48		$	―		$	0.38

Schedule 3

LINN Energy, LLC

Explanation and Reconciliation of Combined Revenues

Combined Revenues

Combined revenues is a non-GAAP performance measure used by Company management to evaluate its performance. Management believes that the presentation of combined revenues provides useful information to investors because it is used by investors and securities analysts in evaluating oil and gas companies. This non-GAAP financial measure should not be considered as an alternative to GAAP measures, such as total revenues. The following presents a reconciliation of revenues and other from continuing operations to combined revenues from continuing operations:

	Three Months Ended
	March 31, 2009			December 31, 2008			March 31, 2008
	(in thousands)

Revenues and other from continuing operations	$	242,661		$	1,043,981		$	(89,627	)
Less:
Unrealized (gain) loss on oil and gas derivatives		(37,246	)		(884,865	)		263,985
Gas marketing revenues		(516	)		(1,790	)		(2,816	)
Other revenues		(966	)		(2,077	)		(479	)
Combined revenues from continuing operations	$	203,933		$	155,249		$	171,063

Gain (loss) on oil and gas derivatives	$	161,315		$	956,562		$	(268,794	)
Less:
Unrealized (gain) loss on oil and gas derivatives		(37,246	)		(884,865	)		263,985
Hedge revenues (losses)	$	124,069		$	71,697		$	(4,809	)

Schedule 4

LINN Energy, LLC

Consolidated Statements of Operations

	Three Months Ended
	March 31, 2009			December 31, 2008			March 31, 2008
	(in thousands, except per unit amounts)
Revenues and other:
Oil, gas and natural gas liquid sales	$	79,864		$	83,552		$	175,872
Gain (loss) on oil and gas derivatives		161,315			956,562			(268,794	)
Gas marketing revenues		516			1,790			2,816
Other revenues		966			2,077			479
		242,661			1,043,981			(89,627	)
Expenses:
Lease operating expenses		33,732			37,248			19,490
Transportation expenses		2,967			4,923			3,328
Gas marketing expenses		340			1,489			2,417
General and administrative expenses		23,301			21,603			19,076
Exploration costs		1,565			4,654			2,620
Depreciation, depletion and amortization		52,104			46,834			44,370
Impairment of goodwill and long-lived assets		―			50,505			―
Taxes, other than income taxes		7,567			13,592			12,973
(Gain) loss on sale of assets and other, net		(26,711	)		(98,763	)		―
		94,865			82,085			104,274
Other income and (expenses):
Interest expense, net of amounts capitalized		(14,409	)		(23,318	)		(25,293	)
Loss on interest rate swaps		(11,571	)		(49,191	)		(39,393	)
Other, net		(393	)		332			(163	)
		(26,373	)		(72,177	)		(64,849	)
Income (loss) from continuing operations before income taxes		121,423			889,719			(258,750	)
Income tax expense		(136	)		(1,665	)		(209	)
Income (loss) from continuing operations		121,287			888,054			(258,959	)

Discontinued operations:
Loss on sale of assets, net of taxes		(1,048	)		(2,075	)		(294	)
Income (loss) from discontinued operations, net of taxes		(838	)		2,527			(106	)
		(1,886	)		452			(400	)

Net income (loss)	$	119,401		$	888,506		$	(259,359	)

Income (loss) per unit – continuing operations:
Units – basic	$	1.06		$	7.72		$	(2.28	)
Units – diluted	$	1.06		$	7.72		$	(2.28	)
Income (loss) per unit – discontinued operations:
Units – basic	$	(0.02	)	$	―		$	―
Units – diluted	$	(0.02	)	$	―		$	―
Net income (loss) per unit:
Units – basic	$	1.04		$	7.72		$	(2.28	)
Units – diluted	$	1.04		$	7.72		$	(2.28	)
Weighted average units outstanding:
Units – basic		113,473			114,229			113,757
Units – diluted		113,502			114,250			113,757

Distributions declared per unit	$	0.63		$	0.63		$	0.63

Schedule 5

LINN Energy, LLC

Operating Statistics – Continuing Operations

	Three Months Ended
	March 31, 2009		December 31, 2008		March 31, 2008

Average daily production:
Gas (MMcf/d)		133		114		123
Oil (MBbls/d)		8.8		7.7		7.8
NGL (MBbls/d)		5.2		6.8		4.4
Total (MMcfe/d)		217		201		196

Weighted average prices (hedged): (1)
Gas (Mcf)	$	7.94	$	7.36	$	8.22
Oil (Bbl)	$	118.19	$	81.15	$	74.98
NGL (Bbl)	$	23.32	$	32.95	$	65.84

Weighted average prices (unhedged): (2)
Gas (Mcf)	$	3.53	$	2.84	$	7.66
Oil (Bbl)	$	33.76	$	47.01	$	90.45
NGL (Bbl)	$	23.32	$	32.95	$	65.84

Representative NYMEX oil and gas prices:
Gas (MMBtu)	$	4.91	$	6.95	$	8.03
Oil (Bbl)	$	43.08	$	58.74	$	97.90

Costs per Mcfe of production:
Lease operating expenses	$	1.73	$	2.01	$	1.10
Transportation expenses	$	0.15	$	0.27	$	0.19
General and administrative expenses (3)	$	1.19	$	1.17	$	1.07
Depreciation, depletion and amortization	$	2.67	$	2.53	$	2.49
Taxes, other than income taxes	$	0.39	$	0.74	$	0.73

(1)

Includes the effect of realized gains (losses) on derivatives of $119.8 million (excluding $4.3 million realized gains on canceled contracts), $71.7 million and $(4.8) million for the three months ended March 31, 2009, December 31, 2008 and March 31, 2008, respectively. The Company utilizes oil puts to hedge revenues associated with its NGL production; therefore, all realized gains (losses) on oil derivative contracts are included in weighted average oil prices, rather than weighted average NGL prices.

(2)	Does not include the effect of realized gains (losses) on derivatives.

(3)

General and administrative expenses for the three months ended March 31, 2009, December 31, 2008 and March 31, 2008, includes approximately $4.2 million, $3.3 million and $3.6 million, respectively, of non-cash unit-based compensation expenses. Excluding these amounts, general and administrative expenses for the three months ended March 31, 2009, December 31, 2008 and March 31, 2008, were $0.98 per Mcfe, $0.99 per Mcfe and $0.87 per Mcfe, respectively.

Schedule 6

LINN Energy, LLC

Selected Balance Sheet Data

	March 31, 2009		December 31, 2008
	(in thousands)
Assets
Total current assets	$	609,234	$	563,931
Oil and gas properties, net		3,572,309		3,552,378
Other property and equipment, net		98,358		98,288
Other noncurrent assets, net		493,017		507,423
Total assets	$	4,772,918	$	4,722,020

Liabilities and Unitholders’ Capital
Total current liabilities	$	195,897	$	237,830
Credit facility		1,428,393		1,403,393
Senior notes, net		250,265		250,175
Other noncurrent liabilities		88,976		69,936
Total liabilities		1,963,531		1,961,334
Unitholders’ capital		2,809,387		2,760,686
Total liabilities and unitholders’ capital	$	4,772,918	$	4,722,020

Schedule 7

LINN Energy, LLC

Selected Cash Flow Data

	Three Months Ended March 31,
	2009			2008
	(in thousands)

Net cash provided by operating activities	$	94,970		$	61,200
Net cash used in investing activities		(58,817	)		(613,294	)
Net cash provided by (used in) financing activities		(41,928	)		551,729
Net decrease in cash and cash equivalents		(5,775	)		(365	)

Cash and cash equivalents:
Beginning		28,668			1,441
Ending	$	22,893		$	1,076

Schedule 8

LINN Energy, LLC

Guidance Table

Q2 2009E

FY 2009E

Net Production and Other Revenues:
Gas (MMcf/d)		125	-		131		125	-		131
Oil (Bbls/d)		8,340	-		8,730		8,450	-		8,850
NGL (Bbls/d)		5,820	-		6,100		5,710	-		5,980
Total (MMcfe/d)		210	-		220		210	-		220

Other revenues, net (in thousands) (1)	$	200	-	$	400	$	1,500	-	$	2,500

Costs (in thousands):
Lease operating expenses	$	32,000	-	$	36,000	$	131,000	-	$	141,000
Transportation expenses		3,000	-		5,000		14,000	-		17,000
Production and ad valorem taxes		7,500	-		9,500		31,000	-		35,000
Total	$	42,500	-	$	50,500	$	176,000	-	$	193,000

General and administrative expenses – non-GAAP (2)	$	17,000	-	$	19,000	$	68,000	-	$	72,000

Depreciation, depletion and amortization	$	56,000	-	$	62,000	$	220,000	-	$	240,000

Costs per Mcfe (Mid-Point):
Lease operating expenses	$	1.74		$	1.73
Transportation expenses		0.20			0.20
Production and ad valorem taxes		0.43			0.42
Total	$	2.37		$	2.35

General and administrative expenses – non-GAAP (2)	$	0.92		$	0.89

Depreciation, depletion and amortization	$	3.02		$	2.93

Targets (Mid-Point) (in thousands):
Adjusted EBITDA (3)	$	138,000		$	542,000
Interest expense (4) (5)		(33,000	)		(127,000	)
Maintenance capital expenditures		(24,250	)		(97,000	)
Distributable cash flow	$	80,750		$	318,000

Distributable cash flow per unit (6)	$	0.70		$	2.76
Distribution per unit (6) (7)	$	0.63		$	2.52
Distribution coverage ratio (6) (7)		1.11	x		1.10	x

Weighted Average NYMEX Differentials:
Gas (MMBtu)	$	(1.00	)	-	$	(0.80	)	$	(1.30	)	-	$	(1.10	)
Oil (Bbl)	$	(6.00	)	-	$	(3.50	)	$	(7.50	)	-	$	(5.00	)

NGL realization on crude oil price

Unhedged Commodity Price Assumptions:	April		May		June		Remainder
Gas (MMBtu)	$	3.65	$	3.33	$	3.75	$	4.50
Oil (Bbl)	$	49.95	$	50.00	$	55.00	$	55.00

Notes to Guidance Table:

(1)	Includes other revenues and margin on natural gas marketing activities.

(2)	Excludes unit-based compensation, which represents a non-cash charge based on equity-related compensation.

(3)	Includes effects of the Company’s hedge positions, cash flow adjustments from acquisition and divestiture activities and other expenses.

(4)	Includes cash payments for interest expense as well as accrued interest on the Company’s outstanding senior notes.

Schedule 8 – Continued

LINN Energy, LLC

Guidance Table

(5)	Includes the effects of the Company’s interest rate swaps.

(6)	Assumes 115.1 million units outstanding.

(7)	Based on current quarterly distribution of $0.63 per unit, or $2.52 per unit on an annualized basis.

Schedule 9

LINN Energy, LLC

Guidance Table – Commodity Hedge Summary

Q2 2009E

FY 2009E

Gas Positions:
Fixed Price Swaps:
Hedged Volume (MMMBtu)		9,896			39,586
Average Price ($/MMBtu)	$	8.53		$	8.53
Puts:
Hedged Volume (MMMBtu)		1,740			6,960
Average Price ($/MMBtu)	$	7.50		$	7.50
PEPL Puts: (1)
Hedged Volume (MMMBtu)		1,334			5,334
Average Price ($/MMBtu)	$	7.85		$	7.85
Total:
Hedged Volume (MMMBtu)		12,970			51,880
Average Price ($/MMBtu)	$	8.32		$	8.32

Oil Positions:
Fixed Price Swaps:
Hedged Volume (MBbls)		609			2,437
Average Price ($/Bbl)	$	90.00		$	90.00
Puts: (2)
Hedged Volume (MBbls)		461			1,843
Average Price ($/Bbl)	$	120.00		$	120.00
Collars:
Hedged Volume (MBbls)		62			250
Average Floor Price ($/Bbl)	$	90.00		$	90.00
Average Ceiling Price ($/Bbl)	$	114.25		$	114.25
Total:
Hedged Volume (MBbls)		1,132			4,530
Average Price ($/Bbl)	$	102.21		$	102.21

Gas Basis Differential Positions:
PEPL Basis Swaps: (3)
Hedged Volume (MMMBtu)		11,729			46,916
Average Price ($/MMBtu)	$	(0.97	)	$	(0.97	)

Notes to Hedge Summary:

Includes positions covering production for all months within periods specified.

(1)	Settle on the PEPL spot price of gas to hedge basis differential associated with gas production in the Mid-Continent Deep and Mid-Continent Shallow regions.

(2)	The Company uses oil puts to hedge oil production and NGL revenues.

(3)	Represents a swap of the basis between NYMEX and PEPL spot price of gas for the volumes hedged.

Schedule 10

LINN Energy, LLC

Commodity Hedge Portfolio

The following table shows the Company’s annual commodity derivative positions, at March 31, 2009, for each of the years ending December 31, 2009, through December 31, 2014.

	Year 2009			Year 2010			Year 2011			Year 2012			Year 2013			Year 2014
Gas Positions:
Fixed Price Swaps:
Hedged Volume (MMMBtu)		29,689			39,566			31,901			14,676			―			―
Average Price ($/MMBtu)	$	8.53		$	8.50		$	8.50		$	8.57		$	―		$	―
Puts:
Hedged Volume (MMMBtu)		5,220			6,960			6,960			―			―			―
Average Price ($/MMBtu)	$	7.50		$	7.50		$	7.50		$	―		$	―		$	―
PEPL Puts: (1)
Hedged Volume (MMMBtu)		4,001			10,634			13,259			5,934			―			―
Average Price ($/MMBtu)	$	7.85		$	7.85		$	7.85		$	7.85		$	―		$	―
Total:
Hedged Volume (MMMBtu)		38,910			57,160			52,120			20,610			―			―
Average Price ($/MMBtu)	$	8.32		$	8.26		$	8.20		$	8.37		$	―		$	―

Oil Positions:
Fixed Price Swaps:
Hedged Volume (MBbls)		1,828			2,150			2,073			2,025			2,275			2,200
Average Price ($/Bbl)	$	90.00		$	90.00		$	84.22		$	84.22		$	84.22		$	84.22
Puts: (2)
Hedged Volume (MBbls)		1,382			2,250			2,352			500			―			―
Average Price ($/Bbl)	$	120.00		$	110.00		$	69.11		$	77.73		$	―		$	―
Collars:
Hedged Volume (MBbls)		187			250			276			348			―			―
Average Floor Price ($/Bbl)	$	90.00		$	90.00		$	90.00		$	90.00		$	―		$	―
Average Ceiling Price ($/Bbl)	$	114.25		$	112.00		$	112.25		$	112.35		$	―		$	―
Total:
Hedged Volume (MBbls)		3,397			4,650			4,701			2,873			2,275			2,200
Average Price ($/Bbl)	$	102.21		$	99.68		$	77.00		$	83.79		$	84.22		$	84.22

Gas Basis Differential Positions:
PEPL Basis Swaps: (3)
Hedged Volume (MMMBtu)		35,187			43,166			35,541			34,066			31,700			―
Hedged Differential ($/MMBtu)	$	(0.97	)	$	(0.97	)	$	(0.96	)	$	(0.95	)	$	(1.01	)	$	―

Notes to Hedge Portfolio:

Includes positions covering production for all months within periods specified.

(1)	Settle on the PEPL spot price of gas to hedge basis differential associated with gas production in the Mid-Continent Deep and Mid-Continent Shallow regions.

(2)	The Company uses oil puts to hedge oil production and NGL revenues.

(3)	Represents a swap of the basis between NYMEX and PEPL spot price of gas for the volumes hedged.

Pressburg (ROAN) Inactive 8-KLinn Energy Announces Results for First Quarter 2009