Gulf Coast Oil

8 August 2011 (After 3 years and Millions of dollars spent how much has our oil really increased ?)
ERG TEXAS GULF COAST OIL PURCHASE UPDATE
 Linc Energy and ERG are working through core issues so as to pursue Linc Energy’s takeover of the 3,300 barrels per day of Texas Gulf Coast oil production.
 ERG and Linc Energy agree to put their legal proceedings on hold until further notice, to allow the current due diligence process to continue unabated.
Linc Energy (ASX:LNC) (OTCQX:LNCGY) is pleased to announce that, after further discussions with ERG Resources L.L.C (“ERG”), a general agreement has been reached between the two groups which will allows the parties to progress the sale process of ERG’s USA Gulf Coast oil and gas assets to Linc Energy over the coming weeks.
All of the original deadlines will be extended so as to ensure that ERG can address Linc Energy’s queries and questions regarding title and oil reserves, as well as a number of general risk assessments issues. The parties have agreed to work together cooperatively so as to undertake a more detailed review of these issues within the extended timeframe.
In addition, both ERG and Linc Energy have agreed to hold off all legal proceedings until further notice.
The focus of the Linc Energy team has always been to ensure that all material issues