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.
Cautionary Statements
This press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
All statements, other than statements of historical fact, are
forward-looking statements. Forward-looking statements include
information concerning our business strategies, strategic alternatives
evaluation process, plans and objectives, future financial performance,
planned operational objectives and other matters. These statements often
include words such as “believe,” “expect,” “anticipate,” “consider,”
“explore,” “continue,” “potential,” “intend,” “focus,” “plan,”
“estimate,” “evaluate,” “will,” “may,” “should,” “could,” “execute,”
“deliver,” or similar expressions. These forward-looking statements are
based on certain assumptions and expectations made by the Company, which
reflect management’s experience, estimates and perception of historical
trends, current conditions and anticipated future developments. These
statements are expressed in good faith and we believe these judgements
are reasonable. However, you should understand that these statements are
not guarantees of performance or results. Such statements are subject to
a number of assumptions, risks and uncertainties, many of which are
beyond the control of the Company, which may cause actual results to
differ materially from those implied or anticipated in the
forward-looking statements. When considering these forward-looking
statements, you should keep in mind the risk factors and other
cautionary statements found in the Company’s filings with the Securities
and Exchange Commission, including its Annual Report on Form 10-K, and
any subsequently filed quarterly reports on Form 10-Q or current reports
on Form 8-K.
We caution you that these forward-looking statements are subject to
all of the risks and uncertainties, most of which are difficult to
predict and many of which are beyond our control, or incidental to the
development, production, gathering and sale of oil, natural gas and
NGLs. These risks include, but are not limited to, the expectations of
plans, strategies, objectives and growth and anticipated financial and
operational performance, the structure and timing of any transaction or
strategic alternative and whether any transaction or strategic
alternative will be completed, commodity price volatility, inflation,
lack of availability of drilling and production equipment and services,
environmental risks, drilling and other operating risks, regulatory
changes, the uncertainty inherent in estimating reserves and in
projecting future rates of production, cash flow and access to capital,
the timing of development expenditures and the other risks.
Should one or more of the risks or uncertainties described occur, or
should underlying assumptions prove incorrect, our actual results and
plans could differ materially from those expressed in any
forward-looking statements.
All forward-looking statements, expressed or implied, included in
this release are expressly qualified in their entirety by this
cautionary statement. This cautionary statement should also be
considered in connection with any subsequent written or oral
forward-looking statements that we or persons acting on our behalf may
issue.
Except as otherwise required by applicable law, we disclaim any duty
to update any forward-looking statements, all of which are expressly
qualified by the statements in this section, to reflect events or
circumstances after the date of this release.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190429005182/en/
Alyson Gilbert
Investor Relations Manager
405-896-3767
[email protected]
Source: Roan Resources, Inc.