Roan Resources Announces it Has Engaged Citigroup and Jefferies to Assist with Strategic Alternatives Review
OKLAHOMA CITY--(BUSINESS WIRE)--May 20, 2019--
Roan Resources, Inc. (NYSE: ROAN) (“Roan” or the “Company”) today announced that it has engaged Citigroup Global Markets Inc. (“Citi”) and Jefferies LLC (“Jefferies”), to assist the Company in evaluating strategic alternatives.
As previously announced on April 29, 2019, the Company has received multiple unsolicited indications of interest for an outright purchase of the Company, as well as inbound inquiries from potential consolidation partners, and has formed a transactional working committee (the “Committee”) of its Board to evaluate potential strategic alternatives for the Company. Since that date, the Company has continued to receive additional inquiries for an outright purchase of the Company. The Committee, assisted by its legal and financial advisors, will consider all strategic alternatives, with the primary focus on maximizing shareholder value.
Joseph A. Mills, Roan’s Executive Chairman of the Board stated, “The Committee is very pleased to be working with our advisors to assist us in navigating and evaluating all potential strategic options. We will continue to focus on a path that will bring the most value forward for our shareholders.”
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.
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/20190520005344/en/
CONTACT: Alyson Gilbert
Investor Relations Manager
KEYWORD: UNITED STATES NORTH AMERICA OKLAHOMA
INDUSTRY KEYWORD: ENERGY OIL/GAS
SOURCE: Roan Resources, Inc.
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PUB: 05/20/2019 08:00 AM/DISC: 05/20/2019 08:01 AM