LINN Energy, Inc. (OTCQB: LNGG) completed the spin-off of Riviera Resources, Inc., leaving Riviera as now an independent reporting company trading on the OTC Market under the ticker symbol “RVRA.”
LINN stockholders who held LINN common stock on August 3, 2018 received a distribution of one share of Riviera common stock for each share of LINN common stock held on the record date. As a result, LINN stockholders now own one share each of:
- LINN (OTC: LNGG), which owns a 50% equity interest in Roan Resources LLC, which is focused on the accelerated development of the Merge/SCOOP/STACK play in Oklahoma; and
- Riviera (OTC: RVRA), an independent oil and gas company with a strategic focus on efficiently operating its mature low-decline assets, developing its growth-oriented assets, and returning capital to shareholders. Riviera’s assets consist of:
º LINN’s legacy properties located in the Hugoton Basin, East Texas, North Louisiana, Michigan/Illinois, the Uinta Basin and Mid-Continent regions; and
º Blue Mountain Midstream LLC, a midstream company centered in the core of the Merge play in the Anadarko Basin.
David B. Rottino, pesident and CEO of Riviera and former CFO for LINN, became pesident and CEO of LINN. As previously announced, Mark E. Ellis, the former President and Chief Executive Officer of LINN, retired in connection with the Spin-Off.
In a statement this week, LINN’s chairman of the board Evan Lederman discussed the future of Rivera Resources, Blue Mountain Midstream, and Roan Resources under their new leadership teams. “We believe the Spin-Off is a critical step to begin to unlock the sum of parts value of these three businesses,” Lederman said.
