OKLAHOMA CITY–(BUSINESS WIRE)–Roan Resources, Inc. (NYSE: ROAN) (“Roan” or the “Company”) today announced that it has received multiple unsolicited indications of interest to purchase the Company. In addition, the Company has also received indications of interest for in-basin consolidation opportunities. In response to the unsolicited indications of interests, the Company has formed a transactional working committee (the “Committee”) of its Board to evaluate a potential sale or merger of the Company.
The Committee is considering all potential merger and acquisition opportunities to assist the Board in maximizing shareholder value and will act in the best interest of all its shareholders. In order to assist the Committee in evaluating any potential sale or merger of the Company, it will mandate an investment bank in the near future.
While the Committee continues to evaluate all potential value maximizing transactions, the Company remains committed to creating maximum value on a stand-alone basis and to obtaining operational excellence across its premier asset base in the core of the Anadarko Basin. Given the size of the Company’s undeveloped acreage position in the core of the play, Roan is optimally and uniquely positioned in the basin to have the flexibility to achieve optimal scale by growing its asset base organically or through value maximizing strategic alternatives.
Joseph A. Mills, Roan’s Executive Chairman of the Board stated, “We are focused on executing and delivering on our strategic objectives in the near and medium term. We will consider all potential consolidation opportunities as well as the inbound expressions of interest to purchase the Company. We believe consolidation in the core of the basin through a sale or merger combination could be value enhancing on many levels and could provide a more expeditious path to maximizing long term shareholder value.”
There can be no assurance that such evaluation will result in one or more transactions or other strategic change or outcome. The Company has not set a timetable for the conclusion of its evaluation of strategic alternatives, and it does not intend to comment further unless and until the Board has approved a specific course of action or the Company has otherwise determined that further disclosure is appropriate or required by law.
About Roan Resources
Roan is an independent oil and natural gas company headquartered in Oklahoma City, OK focused on the development, exploration and acquisition of unconventional oil and natural gas reserves in the Merge, SCOOP and STACK plays of the Anadarko Basin in Oklahoma. For more information, please visit www.RoanResources.com, where we routinely post announcements, updates, events, investor information, presentations and recent news releases.