“Newly Formed Oklahoma Pure-Play Taking Linn, Citizen Assets to Accelerate STACK/SCOOP Development”
Linn Energy Inc., which emerged from the commodity price downturn smaller but still energized, on Wednesday agreed to combine forces with a private operator to create Roan Resources LLC, whose goal is to accelerate development in Oklahoma’s prolific Anadarko Basin.
Tulsa-based Citizen Energy II LLC and Houston-based Linn agreed to split the equity interest in Roan and each contribute 70,000 net acres across eight counties — Canadian, Carter, Cleveland, Garvin, Grady, Kingfisher, McClain and Stephens.
Jefferies LLC acted as sole financial adviser, and Latham & Watkins LLP acted as legal adviser to Linn. Citigroup acted as Citizen’s financial adviser while Thompson & Knight LLP acted as legal adviser.