Case Document 259 Filed in TXSB on 07/29/16 Page 1 of 11 UNITED STATES BANKRUPTCY COURT

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1 Case Document 259 Filed in TXSB on 07/29/16 Page 1 of 11 MOR-1 UNITED STATES BANKRUPTCY COURT PETITION DATE: 5/29/2016 CASE NUMBER DISTRICT OF TEXAS: SOUTHERN PROPOSED PLAN DATE: DIVISION: HOUSTON MONTHLY OPERA TING REPORT SUMMARY FOR JUNE 2016 MONTH Jun-16 REVENUES (MOR-6) 2,233, INCOME BEFORE INT; DEPREC.ITAX (MOR-6) 13, NET INCOME (LOSS) (MOR-6) -5, 765, PAYMENTS TO INSIDERS (MOR-9) 78, PAYMENTS TO PROFESSIONALS (MOR-9) 395, TOTAL DISBURSEMENTS (MOR-7) ***The original of this document must be filed with the United States Bankruptcy Court and a copy must be sent to the United States Trustee*** REQUIRED INSURANCE MAINTAINED AS OF S/GNA TURE DATE CASUALTY YES (j NO () LIABILITY YES () NO () VEHICLE YES(~ NO () WORKER'S YES (A NO () OTHER YES ()NO () EXP. Are all accounts receivable being collected within terms? Are all post-petition liabilities, including taxes, being paid within terms? _D_A_T._E -1 Have any pre-petition liabilities been paid? Je -~ -.J..:!.. If so, describe J _-~-..l} k._-~ -.l)_ JL_-~ -..l.'.1_ -~-_-2..::.._-...ll Are all funds received being deposited into DIP bank accounts? Were any assets disposed of outside the normal course of business? If so, describe CIRCLE ONE Are all U.S. Trustee Quarterly Fee Payments current? What is the status of your Plan of Reorganization_? Debtors are considering plan structure. No No Yes e No Yes 0 c > No ATTORNEY NAME. JASON COHEN FIRM NAME: _B_R_A_C_E_W_E-LL_L_L_P ADDRESS 711 LOUISIANA STREET SUITE 2300 CITY. STATE, ZIP: HOUSTON, TX TELEPHONE/FAX: MOR-1 I certify under penalty of p erjury that the following complete Monthly Operating Report (MOR), consisting of MOR-I through MOR-9 plus attachments, is true and correct. (PRINT NAME OF SIGNATORY) DATE Revised

2 Case Document 259 Filed in TXSB on 07/29/16 Page 2 of 11 ASSETS CURRENT ASSETS Cash Accounts Receivable, Net Inventory: Lower of Cost or Market Prepaid Expenses Investments Restricted Cash TOT AL CURRENT ASSETS PROPERTY, PLANT & Accumulated Depreciation NET BOOK VALUE OF PP & E OTHER ASSETS I. Intangible Assets 2. Deferred Financing Costs 3. Other Non-Current Assets 4. TOTAL ASSETS MOR-2 COMPARATIVE BALANCE SHEETS FILING DA TE* MONTH MONTH 5/29/2016 0:00 June 30, 2016 " 988, ,552, ,014, ,844, ,417, ,417, , , 139, ,067, ,127, , , ,477, ,096, ,135, ,963, ,342, ,133,207.09,., y ,491, , 174, ,678, ,678, , * Per Schedules and Statement of Affairs MONTH MONTH MONTH MONTH.. Revised

3 Case Document 259 Filed in TXSB on 07/29/16 Page 3 of 11 COMPARATIVE BALANCE SHEETS LIABILITIES & OWNER'S FILING DA TE* MONTH MONTH MONTH MONTH MONTH MONTH EQUITY June 30, LIABILITIES POST-PETITION LIABILITIES(MOR-4) 3,694, PRE-PETITION LIABILITIES Notes Payable - Secured 440,872, ,652, Priority Debt Federal Income Tax FICA/Withholding Unsecured Debt Other 58,166, ,269, TOTAL PRE-PETITION LIABILITIES 499,038, ,921, TOT AL LIABILITIES 499,038, ,616, OWNER'S EQUITY (DEFICIT) PREFERRED STOCK - COMMON STOCK ADDITIONAL PAID-IN CAPITAL 280,748, ,728, RETAINED EARNINGS: Filing Date -486,511, ,511, RETAINED EARNINGS: Post Filing Date -5,765, ,765, , 765, ,765, ,765, ,765, TOT AL OWNER'S EQUITY (NET WORTH) -205,763, ,548, ,765, ,765, ,765, ,765, ,765, TOTAL LIABILITIES & OWNERS EQUITY (5,765, ) ( \ (5,765, ) (5 765,192.04) ( * Per Schedules and Statement of Affairs MOR-3 Revised 0710I198

4 Case Document 259 Filed in TXSB on 07/29/16 Page 4 of 11 SCHEDULE OF POST-PETITION LIABILITIES MONTH MONTH MONTH MONTH MONTH MONTH June 30, 2016 TRADE ACCOUNTS PAYABLE 218, TAX PAYABLE Federal Payroll Taxes State Payroll Taxes Ad Valorem Taxes Other Taxes TOTAL TAXES PAYABLE SECURED DEBT POST-PETITION 3, 132, ACCRUED INTEREST PAY ABLE ACCRUED PROFESSIONAL FEES* OTHER ACCRUED LIABILITIES - 1. LENDER PROFESSIONAL FEES 343, TOTAL POST-PETITION LIABILITIES (MOR-3) 3,694, *Payment requires Court Approval MOR-4 Revised 0710//98

5 ~~~~~~~~- Case Document 259 Filed in TXSB on 07/29/16 Page 5 of 11 AGING OF POST-PETITION LIABILITIES MONTH Jun-1 6 DAYS TOTAL TRADE FEDERAL STATE ADVALOREM, ACCOUNTS TAXES TAXES OTHER TAXES OTHER , , TOTAL 218, AGING OF ACCOUNTS RECEIVABLE MONTH Jun DAYS 2,238, DAYS DAYS DAYS 605, TOTAL 2,844, MOR-5 Revised

6 Case Document 259 Filed in TXSB on 07/29/16 Page 6 of MONTH Jun-16 REVENUES (MOR-1) 2,233, TOT AL COST OF REVENUES 1,242, GROSS PROFIT 990, OPERATING EXPENSES: Selling & Marketing General & Administrative 751, Insiders Compensation Professional Fees Other 225, Other TOTAL OPERA TING EXPENSES 977, INCOME BEFORE INT, DEPR!T AX (MOR-1) 13, INTEREST EXPENSE 32, DEPRECIATION 5,828, OTHER (INCOME) EXPENSE* -250, OTHER ITEMS** 168, TOTAL INT, DEPR & OTHER ITEMS 5,778, NET INCOME BEFORE TAXES -5, 765, FEDERAL INCOME TAXES NET INCOME (LOSS) (MOR-I) ( ) Accrual Accounting Required, Otherwise Footnote with Explanation. Footnote Mandatory. STATEMENT OF INCOME (LOSS) MONTH * Unusual and/or infrequent item(.<) outside the ordinary course of business requires footnote. MOR-6,. MONTH r MONTH MONTH MONTH FILING TO DATE 2,233, ,242, , , , , , , ,828, , , , 778, , 765, (5, ' Revised

7 Case Document 259 Filed in TXSB on 07/29/16 Page 7 of 11 MOR6 FOOTNOTE Other Income (Expense) Insurance proceeds from Port Neches oil spill Settlement of Asset Retirement Obligations 179,593 71, ,662 Other Items Accretion expense Loss on abandonment 170, 107 (1,875) 168,232 **The above "Other Items" are recurring monthly items.

8 Case Document 259 Filed in TXSB on 07/29/16 Page 8 of 11 CASH RECEIPTS AND MONTH MONTH MONTH MONTH MONTH MONTH FILING TO DISBURSEMENTS June2016 DATE I. CASH-BEGINNING OF MONTH , ,473, , , , RECEIPTS: 2. CASH SALES 2,465, ,465, COLLECTION OF ACCOUNTS RECEIVABLE 2, , LOANS & ADVANCES (attach list) 3,000,00 3,000,00 5. SALE OF ASSETS 4, , OTHER (attach list) 179, , TOTAL RECEIPTS.. 5,651, ,651, (Withdrawal) Contribution by Individual Debtor MFR DISBURSEMENTS: - 7. NET PAYROLL 498, , PAYROLL TAXES PAID 131, , SALES, USE & OTHER TAXES PAID 1,2 15, ,2 15, IO. SECURED/RENTAL/LEASES UTILITIES & TELEPHONE 84, , INSURANCE 851, , INVENTORY PURCHASES VEHICLE EXPENSES 15. TRAVEL& ENTERTAINMENT REPAIRS. MAINTENANCE & SUPPLIES 17. ADMINISTRATIVE & SELLING 735, ,0 I OTHER (auach list) 224, , TOTAL DISBURSEMENTS FROM OPERATIONS PROFESSIONAL FEES 20. U.S. TRUSTEE FEES 21. OTHER REORGANIZATION EXPENSES (attach list) 423, , TOTAL DISBURSEMENTS** NET CASH FLOW 1,487, ,487, E 23. CASH END OF MONTH (MOR-2) 2,4 73, ,473, ,473, ,473, ,4 73, ,473, Supplemental Infonnation MONTH FILING TO Constructi\'c Disbursements June 2016 DATE LINC ENERGY OPERATIONS. INC. 1,626, ,626, LINC ENERGY FINANCE (USA). INC LINC USA GP 423, , LINC ENERGY RESOURCES. INC. 000 LINC GULF COAST PETROLEUM. INC 2,078, ,078, LINC ENERGY PETROLEUM (LOUISIANA), LLC 000 LINC ALASKA RESOURCES. LLC 1, , PAEN INSULA HOLDINGS, LLC LINC ENERGY PETROLEUM (WYOMING), INC 34, , DIASU HOLDINGS. LLC 000 DIASU OIL & GAS COMPANY. INC TOTAL CONSTRUCTIVE DISBURSEMENTS 4,164, , 164, Applies to Ind1v1dual debtors only MOR-7 **Numbers for the current month should balance (match) Revised RECEIPTS and CHECKS/OTHER DISBURSEMENTS lines on MOR-8

9 Case Document 259 Filed in TXSB on 07/29/16 Page 9 of 11 MOR7 FOOTNOTE Loans & Advances Initial drawdown of DIP facility 3,000,000 Other Receipts Insurance Proceeds - Port Neches Tax refund from US Treasury 179, ,633 Other Expenses Texas General Land Office royalty pass-through OneBeacon Bond Collateral 164,846 60, ,846 Other Reorganization Expenses Cantor Fitzgerald Paul, Weiss, Rifkind, Wharton & Garrison LLP Shipman & Goodwin LLP Porter Hedges LLP 64, ,674 10,000 51, ,282

10 Case Document 259 Filed in TXSB on 07/29/16 Page 10 of 11 CASE NAME: LINC USA GP et al CASE NUMBER: _16-~326~89~--- CASH ACCOUNT RECONCILIATION MONTH OF-'-J-"UN"'E"2"0-'-1s'---- BANK NAME ACCOUNT NUMBER iaccouj\'t TJ'PE BANK BAL\NCE DEPOSITS rn TRANSrr OtJTST ANDING CHECKS ADJUSTED BANK BAIJ\NCE BEGrNNrNG CASH PER BOOKS RECEIPTS TRANSFERS BElWEEN ACCOUNT S (W fn!drawal)or CONTR03UTION BY INDIVIDUAL DEBTOR MFR-2 CllECKS/011-IER DISBURSEMENTS ENDrNG CASH - PER BOOKS FROST BANK FROST BANK OPERATING OPERATING , I , 186, , ,673, , , , FROST BANK OPERATING , FROST BANK FROST BANK OPERATING OPERATING , , KEY BANK KEY BANK KEY BANK KEY BANK WELLS FARGO BANK WELLS FARGO BANK OPERATING OPERATING OPERATING OPERATING OPERATING OPERA TING TOTAL , , so.oo , Sl , , , , , Sl, ,552, , ,651, , , S , MOR-8 NtmJbers should balrukc (matc;;h) TOTAL RECEIPTS nnd TOTAL DISBURSEMENTS lines an MOR-7 RnueJ 07J0/198

11 Case Document 259 Filed in TXSB on 07/29/16 Page 11 of 11 PAYMENTS TO INSIDERS AND PROFESSIONALS Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(3 l)(a)-(f) of the U.S. Bankruptcy Code) and the professionals. Also for insiders identifv the type of comoensation oaid (e.!!. salarv. commission bonus etc.) (Attach additional oa!!es as necessarv). INSIDERS: NAME/COMP TYPE JUNE 2016 I. GERALD AGRANOFF 30,00 2. MICHAEL MAPP 48, MONTH MONTH MONTH MONTH MONTH MONTH TOTAL INSIDERS (MOR-I) 78, PROFESSIONALS JUNE 2016 I. PAUL, WEISS, RIFKIND, WHARTON & GARRISON 293, PORTER HEDGES 51, CANTOR FITZGERALD 39, SHIPMAN & GOODWIN 10, MONTH MONTH MONTH MONTH MONTH MONTH TOTAL PROFESSIONALS (MOR-I) MOR-9 Revised