2010-04-08-2010-03-01

To acquire Cook Inlet, Alaska, assets with up to 1 Tcf reserves.

Linc Energy (Alaska) Inc., a subsidiary of Linc Energy Ltd., Brisbane, Australia, (Australia: LNC) has acquired 123,000 acres in the Cook Inlet region of Alaska from GeoPetro Resources Co., San Francisco, (NYSE Amex: GPR) for US$5 million.

The purchase price comprises an initial $1 million cash payment and an additional $4 million from future proceeds from the onshore assets, which include the Point MacKenzie and Trading Bay prospects. GeoPetro will also continue to receive an overriding royalty interest from the properties.

After the acquisition closes, Linc plans to drill the Frontier Spirit #1 well on the Point MacKenzie block, which GeoPetro says could contain up to 1 trillion cubic feet of gas. The well will target the Middle and Lower Tyonek formations.