Innovative Approach Innovative Approach to Growing an MLPto Growing an MLP

March March 20112011

PEOPLE

ASSETS

ACQUISITIONS

DISTRIBUTION GROWTH

Forward-Looking Statements

Statements made by representatives of Linn Energy, LLC during the course of this presentation that are

not historical facts are forward-looking statements. These statements are based on certain assumptions

and expectations made by the Company which reflect management’s experience, estimates 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 anticipated in the forward-looking statements. These include risks

relating to financial performance and results, our indebtedness under our credit facility and Seniorrelating to financial performance and results, our indebtedness under our credit facility and Senior

Notes, access to capital markets, availability of sufficient cash flow to pay distributions and execute our

business plan, prices and demand for natural gas, oil and natural gas liquids, our ability to replace

reserves and efficiently develop our current reserves, our ability to make acquisitions on economically

acceptable terms, and other important factors that could cause actual results to differ materially from

those anticipated or implied in the forward-looking statements. See “Risk Factors” in the prospectus

relating to this offering and the Company’s 2010 Annual Report on Form 10-K and any other public

filings. Linn Energy undertakes no obligation to publicly update any forward-looking statements,

whether as a result of new information or future events. This presentation has been prepared as of

March 18, 2011.

2

Our Strategy for Growth

U.S. oil and natural gas basins provide significant opportunities for

future growth and consolidation.

Implementing our strategy:

� We take a two-pronged approach to acquisitions

• Mature oil and natural gas assets that provide stable, long-life production

4

• Mature oil and natural gas assets that provide stable, long-life production

• High rate-of-return development assets

� We organically grow reserves and production

� We reduce cash flow volatility through hedging

� We return cash flow to unitholders through the form of a distribution payment

Our Company� Top 25 largest domestic independent oil & natural gas company and largest public E&P MLP/LLC (1)

� Founded in 2003, IPO in 2006 (NASDAQ: LINE)

� Equity market cap

Total net debt

Enterprise value

� Large, long-life diversified reserve base

� ~2.7 Tcfe total proved reserves

� 63% proved developed

� 54% oil and NGLs / 46% natural gas

$6.8 billion

$2.5 billion

$9.3 billion

KSCA TX Panhandle

Granite Wash

Mid-Continent� 1.7 Tcfe proved reserves

� 62% of total reserves

� 50% natural gasMI

Michigan� 259 Bcfe proved reserves

� 10% of total reserves

� 99% natural gas

LINN Operations

LEGEND

Williston Basin – Bakken (Pending)� 8 MMBoe proved reserves

� 2% of total reserves

� 83% liquids

NDLINN Pending Acquisitions

Note: Market data as of March 18, 2011 (LINE closing price of $38.80). All operational and reserve data as of December 31, 2010, pro forma pending 2011 acquisitions. Estimates of proved reserves for pending 2011 acquisitions were calculated as of the effective dates of the acquisitions using forward strip oil and natural gas prices, which differ from estimates calculated in accordance with SEC rules and regulations.

(1) Based on enterprise values, LINE pro forma for bond redemption, recent unit offering and pending acquisitions.

(2) Well count does not include ~2,700 royalty interest wells.5

� 54% oil and NGLs / 46% natural gas

� >20 year reserve-life index

� ~11,000 gross productive oil and natural gas wells (2)

� Large inventory of lower risk development opportunities

� Granite Wash – ~200 Horizontal locations

� Wolfberry – ~400 locations

� Bakken – ~400 locations

KS

Corporate Headquarters(Houston)

Division Office(Brea)

CA

TX

Division Office

(Oklahoma City)

OK

Granite Wash

TX PanhandleShallow

NM

Oklahoma

Permian Basin� 88 MMBoe proved reserves

� 19% of total reserves

� 78% liquids

California� 31 MMBoe proved reserves

� 7% of total reserves

� 94% liquids

5

Our Growth

� LINN is quickly becoming one of the largest MLP and Independent E&P companies

Rank Independent E&Ps Enterprise Value ($MM)

1 Occidental Petroleum $82,460

2 Apache Corp 55,206

3 Anadarko Petroleum 48,434

4 Devon Energy 41,254

5 Chesapeake Energy 37,548

6 EOG Resources 34,620

7 Encana Corp 32,089

8 El Paso 29,425

9 Noble Energy 17,590

10 Southwestern Energy 15,378

Rank Master Limited Partnership Enterprise Value ($MM)

1 Enterprise Products $48,614

2 Kinder Morgan 34,287

3 Williams Partners 21,241

4 Energy Transfer 17,022

5 Plains All American 15,324

6 Enbridge Energy 13,351

7 El Paso Pipeline 11,565

8 ONEOK 11,396

9 LINN Energy 9,312

10 Boardwalk Pipeline 9,268

6Note: Market data as of March 18, 2011(LINE closing price of $38.80). Source: Bloomberg.

10 Southwestern Energy 15,378

11 Pioneer Natural Resources 14,092

12 Murphy Oil 13,212

13 Continental Resources 12,820

14 Concho Resources 12,427

15 Newfield Exploration 11,893

16 Denbury Resources 11,201

17 Goodrich Petroleum 11,141

18 Range Resources 10,356

19 Cimarex Energy 9,449

20 Petrohawk Energy 9,428

21 LINN Energy 9,312

22 EQT Resources 8,995

23 Ultra Petroleum 8,733

24 Whiting Petroleum 8,565

25 QEP Resources 8,486

10 Boardwalk Pipeline 9,268

11 Magellan Midstream 8,383

12 Buckeye 7,024

13 Duncan Energy 6,718

14 Inergy 6,484

15 NuStar Energy 6,189

16 Cheniere Energy 5,129

17 MarkWest Energy 5,009

18 Regency Energy 4,721

19 Teekay LNG 4,517

20 Targa Resources 4,396

21 Natural Resource 4,357

22 Spectra Energy 4,176

23 Chesapeake Midstream 4,103

24 Sunoco Logisitics 4,060

25 AmeriGas 3,533

Qualities of a Successful MLP

− High-quality asset base� >50% liquids

� Long-life reserves (>20 years)

� Diversified asset base (5 core areas)

– Reduced commodity risk – extensive hedge positions

− Acquisitions

� Excellent acquisition track record (>$5 billion in Company’s history)

� ~$1.4 billion of acquisitions completed in 2010

StableStableDistributionsDistributions

DistributionDistributionGrowth DriversGrowth Drivers

� ~$434 million of acquisitions announced YTD 2011

− Drilling

� Horizontal Granite Wash

� Permian Wolfberry

� Williston Basin – Bakken

− Strong liquidity position (borrowing capacity of $1.5 billion)(1)

− Access to capital markets

− 100% of debt is long term(1)

7

Financial StrengthFinancial Strength

Note: All operational and reserve data as of December 31, 2010, pro forma for pending 2011 acquisitions. Estimates of proved reserves for pending 2011 acquisitions were calculated as of the effective dates of the acquisitions using forward strip oil and natural gas prices, which differ from estimates calculated in accordance with SEC rules and regulations.

(1) As of December 31, 2010.7

Implementing Our Strategy Implementing Our Strategy Through Acquisitions

Evaluating Acquisitions

� We look for attractive margins

$59.88

$86.05 $83.54

$70.98

$98.42

$70.00

$80.00

$90.00

$100.00

$110.00 NYMEX Five Year Forward Strip ($ per Boe) (1)

LINN Weighted Average Acquisition Costs ($ per Boe)

9

$27.91 $28.89

$38.52

$59.88 $47.53

$4.97 $4.08 $12.60 $9.63

$14.46 $9.49 $11.43 $11.00

$19.15 $22.94 $24.81

$25.92

$50.25 $33.07

$76.56

$72.11

$59.98

$79.27

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

2003 2004 2005 2006 2007 2008 2009 2010 2011

(1) Represents weighted average blended five year forward oil and natural gas strip prices as of the closing date of acquisitions completed each year through 2010 and pending acquisitions during 2011. Source: Bloomberg.9

Our Acquisition Activity

$2,679

$2,500

$3,000 Total ~$5.9 billion

� Recent acquisition activity has been focused on oil transactions

� ~80% of all acquisitions since 2008

Acquisition Activity ($ in millions)Acquisition Activity ($ in millions)

(1)

$478

$118

$1,331

$601$452

$202

$0

$500

$1,000

$1,500

$2,000

Pre IPO 2006 2007 2008 2009 2010 2011

Natural gas Oil(1) Pro forma for 2011 pending acquisitions. Based on contract prices.

10

Growth Through Acquisitions

TX

NMEddyLea

Hockley

Dawson

AndrewsHowardMartin

Garza

Skelly Unit

Red Lake Unit

North BensonQueen Unit

Shackleford

Stonewall

Seven Rivers

Grayburg Unit

Caprock Unit

Vacuum Leases

East Hobbs

Acquisition Closing Date Contract Price

$ MM

Reserves (MMBoe)

Production (Boe/d)

Forest Aug. 2009 /

Sep. 2009

$118 12 ~1,350

Merit(1) Jan. 2010 $155 12 ~1,700

Henry Savings

May 2010 $305 18 ~2,800

CrownQuest / Element

Aug. 2010 $90 7 ~950

CrownQuestPatriot /

Oct. 2010 / Nov. 2010

$352 30 ~3,300

Rapid Growth in Permian AreaRapid Growth in Permian Area

Note: Reserve and production data estimated as of time of acquisition announcement.(1) Merit acquisition includes properties in both Permian and Mid-Continent. Contract price, reserves and production numbers are for total Merit acquisition. Permian

properties are approximately 72% of the total Merit acquisition based on estimated reserve data as of the acquisition date.(2) Announcement date.

TXEctor

Winkler

Upton

SchieicherPecos

CraneWard

Crockett

Midland

Irion

Seven RiversQueen Unit

South LeonardQueen Unit

Langlle-Mattix Unit

HumpheryQueen Unit

LINN Fields

Wolfberry Trend

Acquisition Fields

Patriot / Element

Nov. 2010

Pending Permian

Feb. 2011(2) $238 14 ~1,650

11

� LINN has announced ~ $1.2 billion in Permian acquisitions (closed and pending)

� Reserves ~90 MMBoe

� Production ~11,000 Boe/d

� ~700 proved low-risk infill drilling and optimization opportunities

� Opportunities for bolt-on acquisitions

TX

NMEddyLea

Hockley

Dawson

AndrewsHoward

Ector

Winkler

Upton

CraneWard

Midland

Martin

Garza

Shackleford

Stonewall

Irion

Permian Basin – Operated Activity(Wolfberry Trend)

Howard County

LevellandMescalero

Grayburg

Owen Mesa

Iatan / Snyder

Wolfberry Trend

LINN Fields

Wolfberry Trend

Acquisition Fields

SchieicherPecos Crockett

Permian Basin – Wolfberry

� Long-life, low risk reserves

� ~59 MMBoe proved reserves

� 74% liquids (~37% proved developed)

� Reserve life of over 20 years

� 13% of total reserves

� Acreage position

� ~27,000 net acres

� ~15,000 net developed acres

� Growth opportunities

� ~400 proved low-risk infill drilling and optimization opportunities

� Opportunities for bolt-on acquisitionsNote: All operational and reserve data as of December 31, 2010, pro forma for pending 2011 acquisitions. Estimates of proved reserves for pending 2011 acquisitions were calculated as of the effective dates of the acquisitions using forward strip oil and natural gas prices, which differ from estimates calculated in accordance with SEC rules and regulations.

0 7,450’

FEET

WOLFBERRY TREND

LINN Acreage

Drilling Locations

Wolfberry Well Locations

12

Implementing Our Strategy Implementing Our Strategy Through Organic Growth

� ~200 horizontal locations provides 6 year drilling inventory at current pace.

Granite Wash – Operated Horizontal Activity(Greater Stiles Ranch)

DYCODYCO DYCODYCO(11) 2011 Locations

FRYE RANCHFRYE RANCH(14) 2010 Wells

(13) 2011 Locations

Hemphill

CountyGreater Stiles Ranch Status

2010

Puryear 5-28H 18.5 MMcfe/d – I.P.

McMahan 22-2H 19.4 MMcfe/d – I.P.

Black 50-1H 60.2 MMcfe/d – I.P.

Stein 1-3H 37.2 MMcfe/d – I.P.

Thomas 5-8H 26.2 MMcfe/d – I.P.

Stein 1-2H 20.5 MMcfe/d – I.P.

FRYE RANCHFRYE RANCH

STILES RANCHSTILES RANCH

(13) 2011 Locations

STILES RANCHSTILES RANCH(6) 2011

Locations 0 8,260’

Feet

Wheeler County

LINN Acreage~23,000 Gross~12,000 Net

2010 Wells

2011 Locations

Stein 1-2H 20.5 MMcfe/d – I.P.

Black 49-1H 23.7 MMcfe/d – I.P.

Black 49-3H 24.6 MMcfe/d – I.P.

Black 50-2H Initial Flowback

Black 49-2H Completing

Puryear 28-7H Completing

Puryear 28-6H Waiting on completion

Thomas 5-9H Waiting on completion

Thomas 5-10H Waiting on completion

2011

Reed 31-4H Waiting on completion

Reed 31-5H Waiting on completion

Reed 31-6H Drilling

Thomas 5-11H Drilling

Granite Wash – Trend Area

� Granite Wash trend also extends into Oklahoma� LINN’s potential from its Oklahoma acreage is not included in the estimated 200 locations

Buffalo Wallow - 2 Step7th Step - Mendota

ROBERTSHEMPHILL

RODGER MILLS

ELLIS

CUSTERBLAINE

DEWEY

Greater Stiles RanchDevon, Forest

Newfield, Chesapeake

Cooprider 1-34H(Producing)

LINN Operated

OKLAHOMAOKLAHOMA

Apache Elder 1-5

Colony Granite WashChesapeake

Penn Virginia

LINN Acreage Gross Net Horizontal Locations

Texas G.W. Area ~68,000 ~48,000 200

Oklahoma G.W. Area ~100,000 ~25,000 ?

Total ~168,000 ~73,000 200

Note: Acreage totals reflect only the acreage shown in the gray area on the Granite Wash regional map.

Mayfield

GRAY

WHEELER

BECKHAM

WASHITA

CADDO

TEXASTEXAS

15

McGuire 1-6H6.9 MMcfe/d

Non-operated

Apache Thetford 4-23

LINN Acreage

Hogshooter Wells

TXTX

OKOK

15

500

Organic Growth – A “Game Changer”

� Significant potential for rapid organic growth

� Horizontal Granite Wash– Successful Granite Wash program underway

– 4 rigs active in 2011

– >200 high-potential low-risk locations (TX)

~320 MMcfe/d

YE 2010

� Permian Basin (Wolfberry)

– >130 wells planned in 2011

– 5 rigs active during 2011

– 4-year drilling inventory

– ~400 future drilling locations

200

300

400

YE09 YE10 2015E

16

LINN Base

LINNBase Assets

PotentialOrganic Growth

(No Acquisitions)

~$1.4 billion of acquisitions and early impact of organic growth

3 Rig Granite

Wash

Program

MM

cfe

/d

4 Rig Granite

Wash

Program

Potential Future Growth ProfileNote: Growth profile not pro forma for pending acquisitions.

16

How We Reduce RiskHow We Reduce Risk

$75.00 $75.00

#REF!24,000

28,000

32,000

$85.70 22% $94.70

$92.76 $89.93

$85.70 22% $94.70

$92.76 $89.93 $6.25 $6.25

$5.00 $5.00

175

200

225

$8.24

$6.07 $5.65 $5.66

30%

$6.06

30%

� Puts provide upside on hedged volumes � Puts and collars provide upside on hedged volumes

Natural Gas PositionsNatural Gas Positions Oil PositionsOil Positions

We Reduce Risk Through Hedging

Volumes (MMcf/d)

Volumes (Bbl/d)

� LINN is hedged ~100% on expected oil and natural gas production through 2013(1) and ~80% in 2014(1)

$90.23

$94.33 $97.83 $94.70

$92.84

$90.00

$75.00

#REF!

-

4,000

8,000

12,000

16,000

20,000

24,000

2011 2012 2013 2014 2015

30%

$85.70 22%23%

$92.84

$94.70

30%

$85.70 22%23%

$92.84

$94.70

$9.50

$5.97 $5.96 $5.93 $5.95

$7.01

-

25

50

75

100

125

150

2011 2012 2013 2014 2015

33%

30%

34%

51%

30%

Volumes (MMcf/d)

Percent Puts (3)Swaps (4) Collars (5) Puts

Note: Includes full-year 2011 – 2015 hedging positions.(1) Based on expected oil and natural gas production volumes, on an equivalent basis and excludes expected NGL production volumes.(2) Natural gas positions include puts which settle on the Panhandle Eastern Pipeline Index (PEPL) to hedge basis differential associated with natural gas production in the Mid-Continent.(3) Calculated as percentage of hedged volumes in the form of puts.(4) The Company has certain outstanding fixed price oil swaps on 14,750 Bbls per day which may be extended annually at a price of $100.00 per Bbl for each of 2015, 2016 and 2017 if the counterparties determine that

the strike prices are in-the-money on a designated date in each respective preceding year. The extension for each year is exercisable without respect to the other years.(5) Includes collars with floor / ceiling prices of $90.00 / $112.25 on 276 MBbls of oil for FY 2011.

Percent Puts (3)Swaps Puts (2)

18

Volumes (Bbl/d)

18

% Production Hedged

� LINN’s cash flow is notably more protected from oil and natural gas price uncertainty than its C-Corp peers

How Our Hedge Book Compares How Our Hedge Book Compares (Equivalent (Equivalent Basis)Basis)

81% 81%

77%80%

100%

120%

~100% ~100%

% Production Hedged

Note: LINN’s production is based on internal estimates including pending 2011 acquisitions.(1) 2011E Peer Group production per Wall Street research. Hedge data based on publicly available data. Peers include: CLR, FST, HK, KWK, NFX, PXD, PXP, RRC,

SWN and WLL .19

56% 52%

81%

LINN Swaps LINN PutsLINN Collars

Peer Average Production Hedged Q3 2010 (1)

81%

55%

17%

6%1%

0%

20%

40%

60%

2011 2012 2013 2014 2015

% Swaps % Collars % Puts Peer % Hedged(1)

19

The End GameThe End Game

0.66

0.66

$11.66

$11.00

$8.45 $7.82

$7.19

$9.08

$9.71

$10.34

0.63

0.63

0.63

0.630.63

$8.00

$9.00

$10.00

$11.00

$12.00

Distribution History

Distribution HistoryDistribution History

� Consistently paid the distribution for 20 quarters

� Consistent yield generates long-term returns

$7.19

$6.56 $5.93

$5.30 $4.67

$4.04 $3.41

$2.84 $2.27

$1.75 $1.23

$0.80

0.630.63

0.63

0.630.63

0.63

0.570.57

0.520.52

0.400.40

0.63

0.43

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

- Current Distribution - Cumulative Distribution

2006 2007 2008 2009

(1)

2010

(1) The Q1 2006 distribution, adjusted for the partial period from the Company's closing of the IPO on January 19, 2006 through March 31, 2006, equates to $0.32 per unit.

21

90%

120%

150%

180%

210%

LINN Historical Return

LINN Total Return and Stock Price Appreciation (LINE IPO – Present of 199%) LINN Total Return and Stock Price Appreciation (LINE IPO – Present of 199%)

~85%

199%

-60%

-30%

0%

30%

60%

90%

1/12/06 7/3/06 12/22/06 6/12/07 12/1/07 5/21/08 11/9/08 4/30/09 10/19/09 4/9/10 9/28/10

LINE Total Return LINE Price Appreciation S&P Mid-Cap E&P Index S&P 500 Index

Note: Market data as of March 18, 2011(LINE closing price of $38.80) Source: Bloomberg.

3/18/11

~85%

~11%

62%

22

The U.S. Securities and Exchange Commission (“SEC”) permits oil and gas companies, in their filings with the SEC, to disclose only resources that qualify as "reserves" as defined by SEC rules. We use terms describing hydrocarbon quantities in this presentation including “inventory” and “resource potential” that the SEC’s guidelines prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of reserves prepared in accordance with SEC definitions and guidelines and accordingly are substantially less certain. Investors are urged to consider closely the reserves disclosures in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010, available from the Company at 600 Travis, Suite 5100, Houston, Texas 77002 (Attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC’s website at www.sec.gov.

In this communication, the terms other than “proved reserves” refer to the Company's internal estimates of hydrocarbon volumes that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques. Those estimates may be based on economic

23

discovered through exploratory drilling or recovered with additional drilling or recovery techniques. Those estimates may be based on economic assumptions with regard to commodity prices that may differ from the prices required by the SEC to be used in calculating proved reserves. In addition, these hydrocarbon volumes may not constitute reserves within the meaning of the Society of Petroleum Engineer's Petroleum Resource Management System or the SEC’s oil and gas disclosure rules. Unless otherwise stated, hydrocarbon volume estimates have not been risked by Company management. Factors affecting ultimate recovery include the scope of our ongoing drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals and other factors, and actual drilling results, including geological and mechanical factors affecting recovery rates. Accordingly, actual quantities that may be ultimately recovered from the Company's interests may differ substantially from the Company’s estimates of potential resources. In addition, our estimates of reserves may change significantly as development of the Company's resource plays and prospects provide additional data.