Exhibit 99.1
LINN ENERGY COMPLETESSPIN-OFF OF RIVIERA RESOURCES
HOUSTON, August 7, 2018 – LINN Energy, Inc. (OTCQB: LNGG) (“LINN” or the “Company”) announced today that it has completed the previously announcedspin-off of Riviera Resources, Inc. (“Riviera”) from LINN (the“Spin-Off”). Riviera is now an independent reporting company and is expected to begin trading on the OTC Market under the ticker symbol “RVRA” on August 8, 2018.
Under the terms of theSpin-Off, LINN stockholders who held LINN common stock on August 3, 2018 (the “record date”) received a distribution of one share of Riviera common stock for each share of LINN common stock held on the record date. As a result, LINN stockholders now own one share each of:
| • | | LINN (OTC: LNGG), which owns a 50% equity interest in Roan Resources LLC, which is focused on the accelerated development of the Merge/SCOOP/STACK play in Oklahoma; and |
| • | | Riviera (OTC: RVRA), an independent oil and gas company with a strategic focus on efficiently operating its maturelow-decline assets, developing its growth-oriented assets, and returning capital to shareholders. Riviera’s assets consist of: |
| o | LINN’s legacy properties located in the Hugoton Basin, East Texas, North Louisiana, Michigan/Illinois, the Uinta Basin andMid-Continent regions; and |
| o | Blue Mountain Midstream LLC, a midstream company centered in the core of the Merge play in the Anadarko Basin. |
As previously announced, Riviera will host a conference call Thursday, August 23, 2018 at 10 a.m. (Central) to discuss additional strategic and financial information related to Riviera and its wholly owned subsidiary, Blue Mountain Midstream LLC.
In connection with theSpin-Off, David B. Rottino, President and Chief Executive Officer of Riviera and former Chief Financial Officer of LINN, became President and Chief Executive Officer of LINN. As previously announced, Mark E. Ellis, the former President and Chief Executive Officer of LINN, retired in connection with theSpin-Off.
“On behalf of the Board, we would like to again thank Mark and all LINN employees who will be moving on postSpin-Off for their many years of dedicated service to the Company. In particular, their tireless work and leadership over the past eighteen months was instrumental in maximizing value for LINN shareholders and allowing for thisSpin-Off transaction. The Board is also extremely excited about the future of Rivera Resources, Blue Mountain Midstream, and Roan Resources under their new leadership teams. We believe theSpin-Off is a critical step to begin to unlock the sum of parts value of these three businesses,” said Evan Lederman, Chairman of the Board.
Taxable Distribution and Potential Tax Withholding
As previously disclosed, theSpin-Off was a taxable distribution. The material U.S. federal income tax consequences of the distribution are described in detail in Riviera’s Registration Statement on FormS-1 (FileNo. 333-225927) under “Material U.S. Federal Income Tax Consequences of theSpin-Off.” Information regarding tax matters in this press release is for general information purposes only and does not constitute tax advice.STOCKHOLDERS ARE ENCOURAGED TO CONSULT THEIR OWN TAX ADVISORS REGARDING THE PARTICULAR TAX CONSEQUENCES OF THESPIN-OFF TO THEM.