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Roan Taps Citigroup, Jefferies to Advise as Buyout Offers Pour In
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Roan Resources, Inc. has engaged Citigroup Global Markets Inc. and Jefferies LLC to assist in evaluating strategic alternatives.
This comes about a month after CEO Tony Maranto resigned from the company, citing "personal reasons."
Roan has received multiple unsolicited offers for an outright purchase of the Company, as well as inbound inquiries from potential consolidation partners, and has formed a transactional working committee of its Board to evaluate potential strategic alternatives for the Company.
Since that date, Roan has continued to receive additional buyout inquiries.
Joseph A. Mills, Roan's Executive Chairman of the Board stated, "The Committee is very pleased to be working with our advisors to assist us in navigating and evaluating all potential strategic options. We will continue to focus on a path that will bring the most value forward for our shareholders."
Roan's Assets
Roan's assets are focused in the Anadarko Basin SCOOP, STACK and Merge plays.
The company is currently running four rigs and reported ~49 MBoe/d net production (26% oil, 30% NGLs) as of 1Q’19.
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