Riviera Resources Inc. is narrowing the focus of the multibasin portfolio it inherited from Linn Energy, the company said in a Dec. 11 press release.

The Houston-based independent oil and gas company, which formed through a spinoff from Linn Energy in August, said it agreed to sell its interest in properties located in the Arkoma Basin in Oklahoma to an undisclosed buyer for a contract price of $68 million.

Linn Energy, which was founded in 2003 by Michael C. Linn, had a tumultuous past couple of years beginning with a Chapter 11 bankruptcy in May 2016. Following the completion of its restructuring in February 2017, the company set out to reshape its portfolio through numerous noncore divestitures, which eclipsed $1.85 billion within a year.

Already have an account? Log In

Thanks for reading Hart Energy.

Subscribe now to get unmatched coverage of the oil and gas industry’s entire landscape.

Get Access