After coming out of bankruptcy in the past year, Houston-based Linn Energy is dividing itself into three standalone companies with one of them focusing on the oil and gas plays in Oklahoma.
The division came after Linn came out of an $8.3 billion bankruptcy as two companies, Linn and Berry Petroleum.
But now, Linn is creating an oil and gas company to focus on the Oklahoma plays, a pipeline business in the same area and one made up of what’s left.
Roan Resources, a company owned 50 percent by Linn and the other half by Citizen Energy of Tulsa will devote its efforts in the SCOOP and STACK plays where it has access to 150,000 acres.
Roan managed to get executives from EOG Resources, a Houston oil giant. They were CEO Tony Maranto who spent more than two decades at EOG including running EOG’s Oklahoma City operations; Executive Vice President Joel Pettit who spent 11 years as EOG’s operations manager in Oklahoma City and Midland; and Executive Vice President Greg Condray.
The new management will assume operations from Linn on Jan. 1.