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RVRA - Riviera Resources Inc News Story

$0.258 0.0  0.0%

Last Trade - 23/12/20

Sector
Energy
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £153.3m
Position in Universe th / 7261

Riviera Resources Announces Royalty Property Sale and Update on Dissolution Plans

Wed 11th November, 2020 4:41pm
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HOUSTON, Nov. 11, 2020 (GLOBE NEWSWIRE) -- Riviera Resources, Inc. (OTCQX:
RVRA) (“Riviera” or the “Company”) announces the following:

Royalty Property Sale
The Company has signed and closed on a definitive agreement to sell its
remaining royalty properties for net proceeds of approximately $7.5 million.
As a result of the sale, the Company has divested of substantially all of its
upstream assets. The Company’s only remaining upstream oil and gas assets
are approximately twenty wells in Louisiana and Oklahoma, which the Company
expects to sell or plug and abandon after resolving certain legal matters.

Dissolution Plans
On October 12, 2020, the Board approved the dissolution, winding up and
liquidation of the Company, and adopted a Plan of Liquidation and Dissolution.
Also, on October 12, 2020, the required percentage of the Company’s
shareholders approved, in accordance with the bylaws of the Company, the Plan
of Liquidation and Dissolution.

Pursuant to the Plan of Liquidation and Dissolution, the Company may utilize a
statutory notice of claims procedure pursuant to which the Company will pay or
make provision for the following items to the extent there are sufficient
assets:
1. Claims against the Company made and not rejected pursuant to the statutory
notice of claims procedure;
2. A security offered to, and not rejected by, any holders of conditional or
unmatured contractual claims pursuant to the statutory notice of claims
procedure;
3. Any security the Delaware Court of Chancery orders the Company to post
following a statutory proceeding brought under Section 280(c) of the General
Corporation Law of the State of Delaware, and
4. All other claims that are mature, known or uncontested or that have been
finally determined to be owing by the Company.
After concluding the royalty property sale and paying or making provision for
the items above, the Company will distribute any remaining assets, which the
Company now expects to be between $0 and $30 million, to the Company
shareholders in accordance with the Company’s Certificate of Incorporation,
as amended, the Plan of Liquidation and Dissolution, and applicable law.

The Plan of Liquidation and Dissolution also provides that the Company will
make applicable filings and take such other actions as are found to be
appropriate to carry out the Plan of Liquidation and Dissolution. The Company
intends to file a certificate of dissolution with the Secretary of State of
the State of Delaware, at which time the Company’s transfer books and
records will be closed and the Company’s common stock will cease trading on
the OTCQX Market, on or about December 18, 2020. After such time, the Company
intends to file with the SEC a Certification on Form 15 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), requesting the
suspension of the Company’s reporting obligations under Sections 13 and
15(d) of the Exchange Act (the “Deregistration”).

Forward-Looking Statements
Statements made in this press release that are not historical facts are
“forward-looking statements.” These statements are based on certain
assumptions and expectations made by the Company which reflect management’s
experience, estimates and perception of historical trends, current conditions,
and anticipated future developments. These statements include, among others,
statements regarding the return of capital to shareholders, estimates of
accumulated earnings and profits, our financial position, business strategy
and other plans and objectives for future operations. Such statements are
subject to a number of assumptions, risks and uncertainties, many of which are
beyond the control of the Company, which may cause actual results to differ
materially from those implied or anticipated in the forward-looking
statements. These and other important factors could cause actual results to
differ materially from those anticipated or implied in the forward-looking
statements. Please read “Risk Factors” in the Company’s Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q and other public filings. The
Company undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information or future events.

CONTACT:
Investor Relations
(281) 840-4168
IR@RVRAresources.com



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GlobeNewswire, Inc. 2020
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