HOUSTON, Dec. 13, 2007 (PRIME NEWSWIRE) -- Linn Energy, LLC (Nasdaq:LINE) announced today that Omega Advisors Inc. ("Omega") purchased all remaining units of Linn Energy previously held by Quantum Energy Partners II, LP ("Quantum") in the open market on December 12, 2007. Quantum was the initial private equity investor in Linn Energy at its inception in March 2003.
"We are very pleased to have received Quantum's support as a private company in 2003 and as a partner in our January 2006 IPO," said Michael C. Linn, Chairman and Chief Executive Officer of Linn Energy. "With this transaction, we appreciate Omega's confidence and further investment in Linn Energy."
"Linn Energy is one of the best performing investments we have made since our Firm's inception," said S. Wil VanLoh, Jr., Managing Partner of Quantum Energy Partners. "Quantum Energy Partners' investment strategy is to provide start-up and growth capital for innovative business models in the energy industry. However, holding long-term investments in publicly traded companies is not part of our core strategy and liquidating our remaining position in Linn Energy will now enable us to move forward with the winding down of this fund, which was formed in 2001."
ABOUT QUANTUM ENERGY PARTNERS
Founded in 1998, Quantum is an investment firm specializing in the energy industry with over $3.2 billion in capital under management, of which $2.0 billion is in its family of private equity funds and $1.2 billion is in Quantum Resources, a direct property acquisition fund co-managed by Quantum and Aspect Energy, LLC. Quantum primarily targets investments in the oil & gas sector, while also considering opportunities in the midstream, service and related energy sectors. To learn more about Quantum Energy Partners, please visit Quantum's website at www.quantumep.com.
ABOUT LINN ENERGY
Linn Energy is an independent oil and gas company focused on the development and acquisition of long life properties which complement its asset profile in producing basins within the United States. More information about Linn Energy is available on the internet at www.linnenergy.com.