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May 11, 2016 (GLOBE NEWSWIRE via COMTEX) --

LINN, LinnCo and Berry to Voluntarily File for Chapter 11 to Implement Debt Restructuring

Operations to Continue in the Ordinary Course

HOUSTON, May 11, 2016 (GLOBE NEWSWIRE) -- LINN Energy, LLC LINE, -2.76% ("LINN"), LinnCo, LLC LNCO, +0.17% ("LinnCo"), and Berry Petroleum Company, LLC ("Berry," and with LINN and LinnCo, the "Company") announced today that the Company has entered into a Restructuring Support Agreement with holders of at least 66.67% by aggregate outstanding principal amounts of LINN's Amended and Restated Credit Agreement, dated as of April 24, 2013, as amended, and Berry's Second Amended and Restated Credit Agreement, dated as of November 15, 2010, as amended (collectively, the "Credit Facilities").

In order to implement the terms of the Restructuring Support Agreement, the Company today filed voluntary petitions for restructuring under Chapter 11 of the Bankruptcy Code ("Chapter 11") in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court").

The Company expects its operations across its asset base to continue in the ordinary course throughout the Chapter 11 process.

Mark E. Ellis, Chairman, President and Chief Executive Officer, said, "We believe the Restructuring Support Agreement reflects the confidence of our first lien lenders in the quality of our assets and represents an important step forward for the Company. After our review of the available options, with the assistance of our financial and legal advisors, we determined that this court supervised financial restructuring process is the best course of action for the Company and our stakeholders. Like many others in our industry, LINN has been impacted by continued low commodity prices. We believe that these steps will provide us the financial flexibility to successfully manage in the current commodity price environment and, when combined with constructive agreements with our remaining creditors and potential third party financing, will provide a platform for future growth."

Mr. Ellis continued, "Importantly, we expect to continue normal operations across our diverse and high-quality asset base. The hard work and dedication of our employees has enabled us to achieve strong operational results, and we are truly grateful for their commitment to safety and to driving the Company's success. Together, we look forward to working cooperatively with our vendors, suppliers and partners as we move through this process."

Under the Restructuring Support Agreement, the parties agreed to support a plan of reorganization for the Company that would include: (1) a new LINN $2.2 billion reserve-based and term loan credit facility on the terms set forth in the Restructuring Support Agreement, (2) the consensual use of LINN and Berry's cash collateral to fund the Chapter 11 Cases under negotiated terms and conditions, and (3) the broad terms of a...