Pressburg, LLC

Pressburg, LLC terminated the registration of a class of securities, ending its reporting obligation for them.

listing compliance notice

Completed the merger with Citizen Energy: each share of Roan Resources common stock was cancelled and converted into $1.52 cash, and the company became a wholly owned subsidiary of Citizen -- the end of Roan's public existence.

listing compliance notice

Pressburg, LLC's exchange filed to remove a class of its securities from listing.

listing compliance notice

Converted from Roan Resources, Inc. into a Delaware LLC renamed Pressburg, LLC upon closing the Citizen Energy merger, and Citizen's parent entities took on a new $725 million credit facility to help fund the acquisition -- the final corporate identity this entity would carry, tracing back to Linn Energy's 2006 IPO.

business combination

Agreed to be acquired by its own joint-venture partner, Citizen Energy Operating, for $1.52 per share in cash -- Roan Resources' independent life ending less than a year after its formal spin-off from Linn Energy, as the smaller partner absorbed the company rather than continue funding it.

business combination

Secured a $100 million term loan commitment from affiliates of its own major shareholders and, in exchange, issued them 1.5 million shares of common stock for a nominal $1,525 total -- a heavily dilutive, insider-funded rescue financing signaling real liquidity stress.

capital raising announcement

the exchange certified Pressburg, LLC's securities for listing, clearing them to begin trading.

listing compliance notice

Reorganized via merger agreements that converted Linn Energy, Inc. into Roan Resources, Inc., consolidating full ownership of the former Roan Resources joint venture under one public company and granting registration rights to its major holders -- the Linn Energy name and separate corporate identity effectively ended here.

asset acquisition disposition

Completed the spin-off of Riviera Resources, Inc., distributing to shareholders all pre-spin assets and liabilities except the 50% stake in Roan Resources -- executing the three-way split announced in December 2017 and leaving Linn Energy, Inc. as effectively a Roan Resources holding vehicle.

asset acquisition disposition

Announced plans to tender for at least $250 million of its own stock and to split into three standalone companies by mid-2018 -- the culmination of the post-bankruptcy strategy, foreshadowing the 2018 Riviera Resources spin-off and the eventual Roan Resources reorganization.

production update

Agreed to sell producing wells and acreage in the Washakie Field, Wyoming for $200 million, continuing the post-bankruptcy divestiture program.

material agreement

Closed the Roan Resources joint-venture contribution with Citizen Energy, each partner holding a 50% stake in the new Anadarko Basin-focused company governed by an eight-member board split evenly between them.

asset acquisition disposition

Formed Roan Resources LLC, a 50/50 joint venture with Citizen Energy, contributing about 70,000 net Anadarko Basin acres in exchange for half the new company -- Linn's post-bankruptcy pivot toward joint-venture structures rather than outright ownership.

material agreement

Agreed to sell San Joaquin Basin, California acreage to Berry Petroleum (now operating independently after the bankruptcy) for $263 million, continuing the post-emergence asset-sale program.

material agreement

As post-bankruptcy Linn Energy, Inc., agreed to sell producing wells and acreage in western Wyoming to Jonah Energy for $581.5 million -- the start of a broad post-emergence divestiture program to reduce debt.

material agreement

Pressburg, LLC deregistered its securities, ending its obligation to file reports with the SEC.

listing compliance notice

Entered a First Amended and Restated Restructuring Support Agreement with second-lien and unsecured noteholders, consolidating the plan terms that would ultimately govern Linn's emergence from bankruptcy in early 2017.

material agreement

Reached a new restructuring support agreement with a different creditor group -- holders of the 12% second-lien notes and the unsecured notes -- suggesting the original RSA parties and terms were being renegotiated as the case wore on.

material agreement

Pressburg, LLC's exchange filed to remove a class of its securities from listing.

listing compliance notice

Filed for Chapter 11 bankruptcy protection jointly with LinnCo and Berry Petroleum in the Southern District of Texas, after negotiating a restructuring support agreement with creditors holding at least two-thirds of its credit facility debt -- the culmination of the debt-funded growth strategy meeting the 2015-16 oil price crash.

bankruptcy or receivership

Received a Nasdaq notice that its units had traded below $1.00 for 30 straight days, risking delisting -- another marker of how far the stock had fallen from its 2011-12 highs.

listing compliance notice

Amended its credit agreement to forestall defaults through May 11, 2016 and freeze the borrowing base while it negotiated a full restructuring support agreement with lenders -- the immediate precursor to bankruptcy.

debt financing

Settled with holders of the new 12% secured notes over a missed mortgage-recording deadline required by the November 2015 exchange, agreeing to complete the collateral filings -- restructuring mechanics tightening as 2016 began.

material agreement

Completed the exchange: holders handed in about $2.0 billion of Linn's unsecured notes and took back roughly $1.0 billion of new 12% second-lien notes due 2020 - a distressed swap in which they accepted about half their principal, and the new notes still rank behind the Wells Fargo-led priority-lien facility.

debt financing

Entered exchange agreements to swap roughly $2.0 billion of existing unsecured notes for about $1.0 billion of new 12% senior secured second-lien notes due 2020 -- a distressed debt exchange that cut face-value debt by half but subordinated remaining unsecured creditors, a clear signal of financial distress.

material agreement

Reaffirmed its borrowing base at $4.05 billion for now, but disclosed it would automatically step down to $3.6 billion on January 1, 2016 -- a scheduled squeeze on liquidity as the oil price downturn deepened.

debt financing

Agreed to sell its remaining Howard County, Permian Basin position for about $281 million, continuing to shed assets to shore up liquidity as commodity prices fell.

material agreement

Brought in Quantum Energy Partners as a $1 billion equity-commitment partner in a new joint drilling vehicle (QL Energy I, LLC), giving Linn an off-balance-sheet way to fund development without further diluting unitholders or adding balance-sheet debt -- a sign it was already managing capital more defensively.

material agreement

Sold 16 million units at $11.79 -- roughly a third of the $35-38 prices Linn commanded in 2011-12 -- the collapsing oil price was now visibly hitting its cost of equity capital.

material agreement

Closed the Granite Wash/Cleveland sale for roughly $1.8 billion, using proceeds to fully repay its $1.3 billion term loan and cut revolver borrowings -- deleveraging just as oil prices began falling.

asset acquisition disposition

Agreed to sell its entire Granite Wash and Cleveland-play position in the Texas Panhandle and western Oklahoma to EnerVest and FourPoint Energy for $1.95 billion -- a major divestiture even as the Devon deal was still being digested, an early sign of portfolio-pruning ahead of the 2015 oil price crash.

material agreement

Sold $1.1 billion of new senior notes ($450 million due 2019, $650 million due 2021) to repay the bridge loan and revolver debt used to fund the Devon acquisition.

debt financing

Closed the $2.24 billion Devon Energy asset acquisition, structured as a tax-deferred Section 1031 exchange.

asset acquisition disposition

Agreed to acquire a large multi-basin package (Rockies, Mid-Continent, east Texas, north Louisiana, south Texas) from Devon Energy for $2.3 billion -- its largest acquisition since Berry and the biggest pure cash purchase in its history, to be funded with committed interim financing.

material agreement

Completed its acquisition of Berry Petroleum through LinnCo, LLC via a multi-step merger that converted Berry into an LLC subsidiary -- by far Linn's largest transaction to date and the high-water mark of its debt-funded roll-up strategy.

asset acquisition disposition

Agreed to acquire Permian Basin properties for $525 million, to be funded by a committed term loan rather than a bond or equity offering.

material agreement

Closed the $1.025 billion Jonah Field acquisition from BP America.

asset acquisition disposition

Agreed to buy BP America's Jonah Field gas properties in Wyoming for $1.025 billion, a second billion-dollar BP transaction within months of the Hugoton deal.

material agreement

Closed the $1.2 billion BP Hugoton Basin acquisition.

asset acquisition disposition

Sold $1.8 billion of 6.25% senior notes due 2019 to fund the Hugoton acquisition, its largest single bond offering to date.

debt financing

Agreed to buy BP America's Hugoton Basin properties in Kansas for $1.2 billion -- its largest deal since the 2007 Dominion acquisition -- backed by a $360 million deposit and a planned $1.5 billion notes offering.

material agreement

Closed the Plains Exploration Granite Wash acquisition for approximately $530 million after post-closing adjustments, slightly below the originally announced $600 million.

asset acquisition disposition

Agreed to acquire Granite Wash properties in Texas and Oklahoma from Plains Exploration & Production for $600 million, to be funded with cash flow and revolver borrowings.

material agreement

Sold $750 million of 6.50% senior notes due 2019 to fund the Panther/Red Willow acquisition -- a materially lower coupon than the 11.75% and 7.75% notes sold in 2009-10, reflecting improved credit access.

debt financing

Agreed to buy a 40% interest in Panther Energy and Red Willow Mid-Continent's Texas/Oklahoma properties for $220 million, to be funded by a planned $750 million notes offering, and raised full-year guidance accordingly.

material agreement

Replaced its credit facility with a Fifth Amended and Restated Credit Agreement carrying a $2.5 billion initial borrowing base and $1.5 billion maximum commitment, maturing 2016 -- the borrowing base had grown roughly tenfold since 2006.

debt financing

Sold $1 billion of 7.75% senior notes due 2021, another large bond raise continuing to fund acquisitions and refinance the balance sheet.

debt financing

Sold $1.3 billion of 8.625% senior notes due 2020, its largest bond deal yet, funding the ongoing acquisition pipeline.

material agreement

Agreed to acquire Permian Basin oil and gas properties for $305 million, citing about 18 million barrels of proved reserves and 120 identified drilling locations -- another sizeable bolt-on funded with a deposit and closing conditions typical of Linn's deal pipeline.

material agreement

Agreed to acquire HighMount's Antrim Shale gas properties in northern Michigan for about $330 million, to be partly funded by a public equity offering -- acquisitions were back in full swing entering 2010.

material agreement

Agreed to acquire Permian and Anadarko Basin properties for $154.5 million, its first new acquisition since the 2008-09 downturn, to be funded with revolver borrowings.

material agreement

Sold 5.5 million units at $16.25 to the public, its first follow-on equity offering since the credit crisis hit -- a sign capital markets access had returned.

material agreement

Sold $250 million of 11.75% senior notes due 2017, a materially higher coupon than the 9.625% notes sold in mid-2008 -- a sign of how much costlier debt had become for Linn coming out of the 2008-09 credit crunch.

debt financing

Closed the Woodford Shale rights sale, adding to a string of 2008 divestitures that trimmed the portfolio and shored up liquidity heading into the financial crisis.

asset acquisition disposition

Agreed to sell its deep Woodford Shale rights under Oklahoma acreage for $229 million while keeping the shallower zones, and separately authorized a unit repurchase program -- pro forma liquidity was expected to top $600 million after the sale.

material agreement

Closed the $600 million Appalachian Basin sale to XTO Energy, using proceeds to fully repay the second-lien term loan and cut revolver debt; separately, SVP Thomas Lopus's employment was terminated with a standard severance package.

asset acquisition disposition

Sold $255.9 million of 9.625% senior notes due 2018 -- its first high-yield bond issuance, diversifying funding beyond the bank revolver and unit offerings just as credit markets were tightening into the financial crisis.

debt financing

Agreed to sell its Verden-area Oklahoma properties to Laredo Petroleum for $185 million, a second divestiture alongside the XTO deal as Linn began trimming non-core acreage while debt-funded growth continued elsewhere.

material agreement

Agreed to sell its entire Appalachian Basin position to XTO Energy for $600 million, its first major divestiture after two years of pure acquisition, with proceeds earmarked to pay down the credit facility.

material agreement

Took on a new $400 million second-lien term loan (at a steep 5-7.5% margin over LIBOR) to help fund the closing of the Lamamco acquisition -- the cost of capital already running higher than the 2006-07 deals.

asset acquisition disposition

Agreed to buy Mid-Continent oil and gas properties from Lamamco Drilling for about $552 million, backed by a new $400 million bridge facility -- another large debt-funded acquisition in the same mold as Dominion.

material agreement

Rolled its credit facility into a new Third Amended and Restated Credit Agreement with an $1.8 billion initial borrowing base, financing the Dominion Mid-Continent acquisition as it approached closing.

asset acquisition disposition

Agreed to acquire Mid-Continent oil and gas properties from Dominion Resources for $2.05 billion -- by far its largest deal yet -- backed by a credit-line increase to roughly $1.8 billion and a $1.5 billion private unit placement, a step change in scale from the sub-$300 million deals of 2006.

capital raising announcement

Closed a $260 million private placement of units to repay revolver debt, its second major equity raise in under a year.

capital raising announcement

Announced three more purchase agreements worth $454 million combined: a $415 million private Texas Panhandle producer and $39 million of Appalachian Basin gas properties, continuing the acquisition pace begun that summer.

capital raising announcement

Raised $305 million in a private placement of units to institutional investors -- led by Zimmer Lucas Partners, with Goldman, Magnetar and others participating -- to repay acquisition debt, the first of many equity raises that would fund Linn's growth alongside its credit line.

capital raising announcement

Closed the $125 million Kaiser-Francis Mid-Continent acquisition, funded through the new revolver and a bridge facility.

asset acquisition disposition

Replaced its credit facility with a new $800 million agreement and immediately raised the borrowing base to $430 million to fund the Blacksand acquisition, with room to grow further once Kaiser-Francis closes.

asset acquisition disposition

Signed its first large acquisitions as a public company: $291 million for Blacksand Energy's Brea-Olinda field in California and $125 million for Kaiser-Francis's Mid-Continent Oklahoma assets -- the start of the debt-funded roll-up strategy that would define Linn's next decade.

material agreement

A second Nasdaq deficiency notice followed, now for a delinquent Q1 2006 10-Q on top of the unresolved restatement; Linn scheduled a Nasdaq hearing and expected to be caught up by June 30.

listing compliance notice

Nasdaq warned it could delist Linn Energy's units over the still-unfiled 2005 10-K stemming from the restatement; the company said it would appeal and did not expect a material earnings impact.

listing compliance notice

Linn Energy's audit committee concluded its 2003-2004 financial statements needed restatement over acquisition-accounting errors, forcing a delayed 2005 annual report and a heads-up to Nasdaq about noncompliance just months after going public.

listing compliance notice