Roan Resources Inc., newly formed by Linn Energy Inc., Roan Holdings LLC and Roan LLC, expects to begin trading over the counter by the end of the month as a pure-play Oklahoma explorer.

A master reorganization agreement is combining stakes held by Linn and the Roan entities to create the company, which would continue to focus on Oklahoma’s myriad reservoirs. The entities are focused on oil and gas production in the SCOOP, aka the South Central Oklahoma Oil Province, as well as the STACK, which encompasses the Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties.

Linn shares stakes 50-50 with Roan Holdings in Roan LLC.

The existing Roan LLC management team, led by CEO Tony C. Maranto, would continue to lead Roan Resources following the reorganization.

"This marks another milestone for Roan and takes us one step closer to uplisting to the New York Stock Exchange as a fully consolidated company,” Maranto said. “In addition, now that the reorganization agreement is signed, we plan to share an operational update in the near future."

Once the transactions are completed, Class A common stock of Roan Resources is expected to begin trading on a fully consolidated basis on the OTCQB Market under "ROAN,” while Linn would cease trading.

Management has a goal to move Roan to the New York Stock Exchange this year.

The reorganization requires customary approvals.

Houston-based Linn Energy Inc. was formed in February 2017 as the reorganized successor to long-time onshore explorer Linn Energy LLC, which was forced into bankruptcy during the commodities downturn.

Oklahoma City-based Roan LLC was formed last year by Linn and Citizen Energy II LLC. In exchange for their contributions, Linn and Citizen each received a half-stake equity interest in Roan LLC. Roan’s operations team took over field operations from Linn and Citizen earlier this year.