Linn Energy Inc. and Roan Holdings LLC have agreed to combine their respective 50% equity interests in Roan Resources LLC into a publicly traded company, Roan Resources Inc., as part of a master reorganization agreement.
Existing Roan LLC management, including Pres. and Chief Executive Officer Tony C. Maranto, will continue to lead Roan Resources following the reorganization. An operations update is expected “in the near future,” Maranto said. After taking over field operations in January, the company—focused on the SCOOP and STACK plays in Oklahoma where it holds 150,000 net acres—was producing nearly 40,000 boe/d by the end of this year’s first quarter.
Following the reorganization, expected to close by the end of the month, Roan Resources’ Class A common stock is expected to begin trading on a fully consolidated basis on the OTCQB Market, where Linn's Class A common stock will cease trading. The companies plan for Roan Resources to be listed on the New York Stock Exchange later this year.
Roan LLC was formed in the second quarter of 2017 by Linn and Citizen Energy II LLC (OGJ Online, June 17, 2017).
