Independent producer Roan Resources said Monday it’s hired Citigroup Global Markets and Jefferies to assist the company in evaluating “strategic alternatives,” Kallanish Energy reports.
Roan said it’s received multiple unsolicited indications of interest for an outright purchase of the company, as well as inquiries from potential consolidation partners.
Oklahoma-based Roan has formed a transactional working committee from its board to evaluate potential “strategic alternatives” for the company.
Roan is 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.
The company was formed in 2017 with contributions from Linn Energy and Citizen Energy totaling nearly 140,000 net acres, according to Roan’s website.
Current acreage totals roughly 177,000 net acres, with 115,000 net acres in th e Merge, creating the largest position in the Merge play.
Roan was producing approximately 49,000 barrels of oil-equivalent per day at the end of the first quarter of 2019.
Currently, Elliot Management, Fir Tree Capital, and York Capital own roughly 36% of the company.
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