LINN Energy, Inc. (OTCQB:LNGG) announced that its Board of Directors has unanimously approved the previously announced spin-off of Riviera Resources, Inc. from LINN.

Following the Spin-Off and the transactions contemplated thereby, for each share of LINN common stock held on the record date, LINN stockholders will own one share each of:

LINN (OTC:LNGG), which will own 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), which will be an independent oil and gas company with a strategic focus on efficiently operating its mature low-decline assets, developing its growth-oriented assets, and returning capital to shareholders. Riviera’s assets will initially consist of:

LINN’s legacy properties located in the Hugoton Basin, East Texas, North Louisiana, Michigan/Illinois, the Uinta Basin and Mid-Continent regions; and

Blue Mountain Midstream LLC, a midstream company centered in the core of the Merge play in the Anadarko Basin.

The Spin-Off is expected to occur after the market close on August 7, 2018, the distribution date, to LINN stockholders of record as of August 3, 2018, the record date for the distribution.

Following the Spin-Off, LINN will continue to trade on the OTCQB Market under the symbol “LNGG”, and Riviera is expected to be quoted to trade on the OTCQX Market under the symbol “RVRA”.

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