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LinnCo completes LINN unit exchange, launches 2nd similar offer

has completed itsoffer to exchangeLINN Energy LLC unitswith LinnCo shares.

As of theoffer's expiration April 25, 103,961,939 LINN units, representing approximately29% of the company's outstanding units, were validly tendered and notwithdrawn. The tendered units have been accepted and LinnCo is issuing newshares for the exchange.

LinnCo hasalso given the rest of LINN's unit holders a new chance by launching anothertender offer starting April 26, in which unit holders will receive the sameexchange ratio in the recently closed exchange offer. The new offer is due toexpire at 12 a.m. ET on May 23.

Proceduresfor tendering LINN units for the new offer will also be the same, except thatthe LINN units validly tendered will be accepted on a daily "as tendered"basis and may not be withdrawn, according to the release.

Through theoffers, LINN is allowing their unit holders to maintain their economic interestin the company through LinnCo, which is taxed as a corporation and not as apartnership. LINN unit holders may avoid future allocations of taxable incomeand loss, including cancellation of debt income, in case LINN pursuesdebt restructurings or otherstrategic transactions.