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Linn Provides Update on Separation Plan; Roan, Riviera Resources

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LINN Energy reported a strategic update on the previously announced separation plan.

The Board has decided to separate into two public companies as outlined below:

• Riviera Resources. The Company has formed Riviera Resources, LLC, which following certain internal reorganizations, will hold the following upstream assets: Hugoton, Michigan/Illinois, Arkoma, East Texas, North Louisiana, Drunkards Wash as well the assets of Blue Mountain Midstream LLC ("Blue Mountain" or "Blue Mountain Midstream"), a rapidly expanding midstream business centered in the core of the Merge. Riviera will also retain more than 100,000 acres in the prospective NW Stack play. Riviera, upon completion of the spin off transaction described below, is expected to be an unlevered public company listed for trading on the OTC market under the ticker RVRA.
• Roan Resources. Following the Spinoff, LINN Energy, Inc., which currently trades on the OTC market under the ticker LNGG, will serve as a holding company solely for the equity interest of Roan Resources and is preparing to up list to the NYSE or NASDAQ during 2018 under the ticker ROAN. The Company has also executed a term sheet with Roan Holdings, LLC (the successor to Citizen Energy II, LLC) which is expected to result in the consolidation of 100 percent of the equity in Roan under LINN, subject to due diligence and execution of definitive documentation.

"The separation will address the significant sum of the parts discount we believe is currently priced into LINN. Pro forma following the separation, shareholders will have exposure to two unique companies: a pure play, high growth Merge/SCOOP/STACK company in Roan and an unlevered upstream and midstream business that generates significant free cash flow and has highly economic organic investment opportunities. The Board and management are focused on executing this value maximizing plan for our shareholders by midsummer 2018 and expect to provide detailed financial and operational updates at or prior to the Spinoff," said Mark E. Ellis, LINN's President and Chief Executive Officer.