Linn Energy and Roan Holdings have entered a master reorganisation agreement to combine their respective 50% equity interests in US oil and natural gas exploration and production firm Roan LLC to create a new company.
Known as Roan Resources, the new entity created following the reorganisation will continue to focus on development, exploration and acquisition of unconventional oil and natural gas reserves in the Merge, SCOOP and STACK plays in Oklahoma.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
According to Linn, the combination of the parties’ respective equity interests will fully consolidate all interests of Roan LLC into Roan Resources.
Once the reorganisation and the associated transactions are closed by the end of this month, Roan Resources’ Class A common stock is anticipated to start trading on a fully consolidated basis on the OTCQB Market under ‘ROAN’.
In addition, Linn’s Class A common stock will no longer trade on the OTCQB Market.
Linn and Roan Holdings expect to uplist the Roan common stock to the New York Stock Exchange this year.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataUpon completion of the reorganisation, Roan Resources will be managed by the existing Roan LLC management team, including president and CEO Tony Maranto.
Maranto said: “This marks another milestone for Roan and takes us one step closer to uplisting to the New York Stock Exchange as a fully consolidated company.
“In addition, now that the reorganisation agreement is signed, we plan to share an operational update in the near future.”
The closure of the transaction is conditional on certain customary closing conditions.
Roan LLC was formed last year by Linn and Citizen Energy II, with each company holding a 50% equity interest.
