Houston-based LINN Energy, Inc. announced it has completed the spin-off of Riviera Resources, Inc., according to a company press release issued Tuesday.
OK Energy Today previously reported on April 20, 2018 that the company planned to split into two companies – Roan Resources, LLC and Riviera Resources, Inc. The announcement came a year after the company was formed following the emergence from bankruptcy by LINN Energy.
As expected, David B. Rottino was designated as the new President and Chief Executive Officer of LINN. Rottino previously served as LINN’s former Chief Financial Officer and Riviera’s former President and Chief Executive Officer. Mark E. Ellis, LINN’s former President and Chief Executive Officer, retired in connection with the spin-off.
Riviera will begin trading on the OTC Market under the ticker symbol “RVRA” on August 8, 2018. Riviera will host a conference call on Thursday, August 23, 2018 at 10 a.m. (Central) to review financial data. The company will operate as an independent oil and natural gas company.
Riviera owns properties in Texas, Louisiana, Michigan, Illinois and the Mid-Continent regions. Riviera also owns Blue Mountain Midstream LLC, a company centered in the core of the Anadarko Basin merge play.
