Citizen Energy Acquires Roan Resources for $1 Billion
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Roan Resources has entered into a definitive merger agreement to be acquired by Citizen Energy Operating, an affiliate of Warburg Pincus, in an all-cash transaction valued at approximately $1 billion. The transaction is expected to be completed during the fourth quarter of 2019 or the first quarter of 2020.
“We are pleased to reach this agreement with Citizen Energy. This transaction is the culmination of our board’s extensive review of strategic alternatives to maximize value for our stockholders, including a comprehensive process during which we engaged with a considerable number of counterparties,” said Joseph A. Mills, Roan’s executive chairman of the board.
“Ultimately, the board unanimously determined that an all-cash transaction with Citizen Energy is in the best interests of our stockholders and the company and will deliver value to our stockholders at a premium to our recent share price,” added Mills.
Additionally, Roan appointed Rick Gideon as its chief executive officer, who will assume his new responsibilities immediately.
Rick Gideon has more than 20 years of executive and industry experience at a number of large, publicly held exploration and production companies. Gideon previously served as senior vice president of US Operations at Devon Energy Corporation for four years. Prior to his time at Devon Energy Corporation, Gideon was the general manager of the Mid-Continent Region and Drilling & Completions for HighMount Exploration & Production, LLC for six years. Prior to that, Gideon held senior positions at Linn Energy, Inc. and Dominion Energy, Inc.
“We are very pleased to bring Rick onboard to see the company through the closing process. His leadership and focus will be important during the transition of the business,” said Joseph A. Mills.
About Roan Resources
Roan is an independent oil and natural gas company headquartered in Oklahoma City, Oklahoma 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.
To stop by Roan Resources’ website, CLICK HERE
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