filed · 2019-10-15 · october 11,2019 from: vetar energy g.p. jorgen bogdanoff, managing general...
TRANSCRIPT
October 11,2019
From:VETAR ENERGY G.P.Jorgen Bogdanoff, Managing General Partner2233 East 3rd Ave.Port Angeles, WA 98362Email: [email protected]
FILEDocT I I 20r$
SEGRFTARY BOARD OFotl, GAS & MthitzuG
BEFORE THE BOARD OF OIL, GAS AND MTNING DEPARTMENT OF NATURAL RESOURCESSTATE OF UTAHDocket No.2019-021 Cause No. 139-168
IN THE MATTER OF THE PETITION OF VETAR ENERGY G.P. FOR A HEARING TODETERMINE WHY RIVIERAOPERATTNG, LLC, f/K/a LINN ENERGY HOLDINGS LLC,RIVIERA RESOURCES, A SPIN-OFF FROM LINN ENERGY, INC., HAS NOT PAID OIL ANDGAS ROYALTY PROCEEDS DUE FOR TWO (2) WELLS, THE WHITE T-23Cs WELL AND THEWHITE TRUST 3-23C5 WELL, LOCATED TN SECTION 23, TOWNSHIP 3 SOUTH, RANGE 5
WEST, DUCHESNE COLINTY UTAH.
LET IT BE KNOWN TO THE STATE OF UTAH, AND ALL PERSONS HAVING AN INTEREST IN THIS MATTER.
Subject: Two (2) Oil and Gas Wells named, White l-23C5 and White Trust 3-23C5, located inSection 23, Township 3 South - Range 5 West, Duchesne County, State of Utah.VETAR Energy G.P., (VETAR) the Lessor, owns an undivided 20Yo interest of the MineralRights of Section 23:Wll2SE1/4; SWl14 (240 gross acres) (48 net acres).
This is a time line and a brief history in regards to this matter, and my discoveries to date.
The Debtor: Riviera Operating'LLC f/k/a Linn Energy Holdings LLC, Riviera Resources,a spin-off from LINN Energy,Inc. (LINN)600 Travis, Suite 1700, Houston, TX 77002Contact person at Riviera Operating, LLCMs. Holly Anderson, Executive Vice President and General Counsel.
The Debtor are now planning of attending the hearing before THE BOARD OF OIL, GAS ANDMINING DEPARTMENT OF NATURAL RESOURCES STATE OF UTAH, set for December 11,
2019, attempting to convince the BOARD, to overlook their failures in following the laws of the State ofUtah, beginning with, not sending any of the Royalty Interest (RI) owners their DIVISION ORDERS andnotifuing them of the production "Wells' on their property, collecting the monthly proceeds from the saleof the production "WELLS", and defrauding the RI owners, by not paying them their part of the Royaltyincome. They are now coming to the BOARD to plead with unclean hands for a favorable outcome in itsbehalf.The words used in a court of law, "appearing and pleading with unclean hands" is not a
moral persuasion but an enforceable Rule of Law. The court will refuse to assist anyone whosecause of action is founded on their misconduct toward the other party.He who comes into equity must come with clean hands. This maxim bars relief for anyone guiltyof improper conduct in this matter at hand.
The subject lease was entered into on 17 April 1971, stipulating a I/8 (12.5%) Royalty payment.See copy of the lease agreement hereto attached.
LINN EXCHANGE PROPERTYS LLC. secured the subject lease and other leases like it on orbefore 21412015. Consequently, becoming the Lessee, who is by State of Utah law, becameresponsible of paying the Lessors their Royalty of the title e-mailed to me byG. Sterling Randolph at EP Energy, stating that the LEASEHOLD WORKING INTERESTS areheld by LINN EXCHANGE PROPERTYES LLC. See copy of title opinion hereto attached.
I refer you to, Utah Code 40-6-9. Proceeds from sale of productiono Payment of Proceeds,Requirements, and 40-6-9.1. Payment information to royalty owners.httos : //le.utah. sov/xcode/Titl e4OlChapter6/40-6-S9.htmlNone of the Codes therein were followed by LINN.For one (1) year, from June 2015 to end of May 2016. LINN failed to mail a DIVISIONORDER to VETAR (the lessor), or any of the other lessor to this property, to secure a signature.This should have been done immediately upon commencement of production of each well. LINNdeposited all of the Royalty funds, to into its general account, and failed to pay its lessors theirRoyalty Interest (RI). One can only speculate that this billion-dollar Company, had a team ofunqualified people in charge, who failed to abide by the laws of the States that they were doingbusiness in. During this same time period, June 2015 to end of May 2016, LINN continuedpaying Royalties to VETAR on four (4) other production "'Wells", that VETAR had DIVISIONORDERS with LINN in Duchesne County, Utah. Establishing that here they did followed thelaws of State of Utah. See attached LINN's monthly pay statement.
In Riviera Operating, LLC., answer to VETAR Energy's Payment Demand Letter, they arguethat on May 11,2016 (the "Petition Date"), Linn Energy,LLC and certain of its affiliatesincluding LINN (collectively, the "Debtors") filed for chapter 11 of the United StatesBankruptcy Code, and referring to the amount collected from June 2015 to end of May 2016and owing the Royalty Interest owners as a "Pre-Petition Demand".
It is important to recognize, that VETAR and all other RI owners, were never notified by LINNEnergy that they had two (2) producing Wells on the subject property.VETAR received a letter from LINN Claims Processing Center, dated 02128117, Copy of letterare hereto attached, informing us that they were in Chapter 1l.I then checked the records, and noticed that LINN was current on all the "Wells",that we hadDIVISIN ORDERS on, with LINN in Duchesne County, Utah.
On or about June 1, 2016, LINN started deposited into a Bank escrow account, also known as asuspense account, the net monthly proceeds due the RI owners from the production of the subjectwells. The first deposit was from June 2016 production, and thereafter to the date of sale of itsassets in Utah, to Altamont Energy. Later on, these deposits also including the proceeds from a
well named White 2-23-C5, that started producing October 2016. There was a total of$216,070.11 in this Suspense Account. This money was transferred by LINN to AltamontEnergy who now have payed VETAR Energy in full from June 2016.I believe the same holdstrue for the rest of the RI owners.
The Debtors lists the following Companies, including its tax identification numbers, in itsChapter 11 Plan of Reorganization,1. Linn Energy, LLC (7591)2.LinnCo, (6623)3. Linn Acquisition Company LLC (4791)4. Linn Energy Finance Corp. (5453)5. Linn Energy Holdings LLC (6517)6. Linn Exploration and Production Michigan LLC (0738)l.Linn Exploration Midcontinent LLC (3143)8. Linn Midstream LLC (9707)9. Linn Midwest Energy LLC (1712)10. Linn Operating Inc. (3530)11. Mid-Continent I LLC (1812)12. Mid-Continent II LLC (1869)13. Mid-Continent Holdings I LLC (1686)14. Mid-Continent Holdings II LLC (7129)
It is worth noting that, all the Leasehold Working Interests where in name LINN EXCHANGEPROPERTIES, LLC., and is not listed among the above. This is the LLC that held our leases andare therefore not apart of this chapter 1 1. See copy of title opinion, hereto attached.
The debt and outstanding balance relate to !@! Oil and Gas revenues from production andsales from subject property, from June 1,2015 to end of May 2016, forwarded monthly to LINNEnergy LLC. and/or LINN Exchange Properties LLC. (the lessee), by EP Energy E&PCompany, L.P., the Operator of the subject wells. Total paid to LINN: $5,209,823.80This is the amount owed to all RI owners 51731624.63See copy of Excel spreadsheet amount owed all RI owners, hereto attached.It is my intent to collect the addresses of each person (61) listed therein, and make them aware ofthe money owed them by sending them a copy of this letter and relevant documents.
It was not before Altamont Energy purchased the property from LINN in 2018, that I becameaware that VETAR was not being paid its RI.
Publications available:January 16 2018 Source: LINN Energy, LLCLINN Energy LLC's management, sold Linn Energy's assets in Utah, including our leases, toAltamont Energy for 132 Million Dollars. See copy of LINN press relies, hereto attached.
SAN ANTONIO EXPRESS NEWSBig payouts after bankruptcy as Linn Energy seeks to dissolve nameBy Jordan Blum, Staff Writer April 23,2018
"Former Wall Street darling Linn Energy will abandon the "Linn" name as it splinters intomultiple businesses, but not before its three top leaders took in more than $110 million incompensation after the company emerged last year from arguably the biggest bankruptcy of the
recent oil bust. Mark Ellis of the Houston company received a dramatical upgrade $60 millionpay package -primarily through stock awards -- after Linn reorganized its business in less than ayear of bankruptcy proceedings, according to a filing with the U.S. Securities and ExchangeCommission. That's more than triple the annual compensation of Exxon Mobil CEO DarrenWoods. Ellis said he plans to retire this year. Ellis' top lieutenants Chief Financial Officer DavidRottino and Chief Operating Officer Arden Walker - each received more than 25 million ln2017". Please note that David Rottino. now is the President and Chief Executive Officer and adirector of Riviera Resources Inc.
We, the owners of VETAR Energy G.P., Jorgen W. Bogdanoff, Brigitte Bogdanoff,, and BeritBogdanoff, are each representing our own part of ownership in VETAR, in regards to this matter
Yours sincerely.
Jorgen W. Bogdanoff, Managing General Partner
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frun: RandoQh, George (Sdrtrg)S.oe Tu€sdary, Se*mUer 11, 2018 1:59 PtrlTo: Jorgen W. BogdanotrSutlac* RE: lf- * 35459;31fF,27 - Vetar Energy I btbnd Eftril ]
Mr. Bqdanoff,
Thank you very much for the deed and chain of title information. After further research I found that the last title opinion for Section Z3-3S-SW, Duchesne County, UT,effective February 4, 2015. shows Vetar as a mineral interest owner and the lease owned at that time by Linn Energy. Please see below for the pertinent pages of the titleopinion. Altamont Energy LLC has since acquired Linn Energy's Working lnterest earlier this year and they can be contacted at [email protected].
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Best Regards,
G. Sterllng Rendolph
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Big payouts after bankruptcy as Linn Energy seeks todissolve nameBy Jordan Blum, Stafr WriterApril23,2018
Former wall street darling Linn Energy will abandon the "Linnn name as itsplinters into multiple businesses, but not before its three top leaders took in
more than $110 million in compensation after the company emerged last year
from arguably the biggest bankruptcy of the recent oil bust.
Mark Ellis, the CHO of the l{ouston conlpany, received a dramatically upgraelert
$60 million pay package - primarily through stock awarcls * after t,inn
reorganized its business in less than a year of'bankrul)tcy proceedings, accordingto a filing with the U.S. Securities and Exchange Commissiorr. That's rnore than
triple the annual compensation of uxxon Mobil cEo Darren woocls.
Ellis said he plans to retire later this year. Ellis'top lieutenants - Chief Financial
Officer David Rottino and Chief Operating Officer Arden Walker - each received
more than $25 million inaafi.
sRF 14344
case 16-60040 Document 1767 Fited in TXSB an ezlz9tL7 page 1 of 3
IN THE UNITED STATES BANKRUPTCY COURTF'OR THE SOUTHERN DISTRICT OF TEXAS
VICTORIA DIVISION
In re:
LINN ENERGY, LLC, et al.,t
Debtors.
)))))))
Chapter 1l
Case No. l6-60040 (DRJ)
(Jointly Administered)
NOTICE OF' OCCUNREN€E OF THE IOFFECTIVE DATE
PLEASE TAKE FURTHER NOTICE that the Effective Date occurred on Februrry2t,2017.
PLNASE TAKE FURTHER NOTICE thAt pursuant to Article v.B. of the Plans, unlessrespect to
Claims arising from the rejection of Executory Contracts or Unexpired Leases, pursuant to thePlans or the Confirmation Order must be filed within 30 days of: (l) the date of entry ofan orderof the Bankruptcy Court (including the Confirmation Order) approving such rejection; and(2) the effective date of such rejection. Any Clalms arising from the reJectlon of an
The Debtors in these chapter I I cases and the last four digits of each Debtor's federal tax identification numberare as follows: Linn Energy, LLC (7591); Berry Petroleum Company, LLC (9387); LinnCo, LLC (6623); LinnAcquisition Company, LLC (4791); Linn Energy Finance Corp-(5453); Linn Energy Holiings, LfC (enl'S;Linn Exploration & Production Michigan LLC (0738); Linn-Exploration Midcon'iinent, LIIC (31a3); LinnlI_i{stream, LLC (9707): Linn Midwest Energy LLC (1712); Linn Operating, Inc. (3530); Mid-Continent I,LLC (1812); Mid-Continent II, LLc (1869); Mid-Continent Holdings t, Llcltoao); Mid-Continent Holdings[, LLC (7129). The Debtors' principal offices are tocated at JPMorgan Cirase tower, 600 Travis SHeJt,Houston, Texas 77002.
Capitalized terms not otherwise defined herein have the same meanings as set forth in the applicable plan.
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Owner
ALLEN D VOORHIES JR
ANNA LOU BOETTCHER OHREL
ANNE LAUREN BIGLEY
ANTHONY HARVEY WH ITAKER
ARTHUR BIGLEY
BERENICE J BRADSHAW CHARITABLE
BLACK STONE MINERALS CO LP
CAROLYN R ASHLEY
CECILIA A WELLS
CHAPARRAL ROYALTY CO
CHERYLJ MURRAYTR
COLONIAL ROYALTIES LTD PTRSHIP
DANIEL G BIGLEY
DAVID W EVANS HEIRS
DELORES A FORSYTHE
DIXIE ANNE MECHAM WHITAKER EST
DRUKMAN PROPERTIES LLC
EDWARD LAWRENCE DOHENY
EVANSONS-A PRTNRSHIP
FRANK M ASHLEY JR
GEORGE MARION CALDER TR
GILBERT R HORROCKS
GUY HOLLENBECK
J SMITH INVESTMENTS LLC
JACK D CLOSE
JANE T BROWN&STEVEN W&ANTHONY
JEFFREYJOHN WHITAKER
JOHN C BIGLEY & KAREN T PEARL
JOSEPH S MERRILL
JULIE ANN BURDOIN
KENNETH E CALDER& ELISE CORENE
KEVIN L DOHENY
lnt
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
lnterest
0.000L038200.000L384200.0000041s0
0.00000ss400.000004L50
0.0000649400.0005646900.00000s7600.0000057700.0000878300.00004s680
0.000L95170
0.0000041s00.0000207600.0000055300.000005540
0.0000697s00.0000023L00.000020760
0.000005770
0.0000415300.0000830500.0000529s0
0.0093750000.0001170900.000049830
0.00000ss400.0000041s00.000221480
0.0000s29s0
0.0000415300.000004610
White 1-23
5 2,5O6,99t.72
260.27
347.0O
10.40
13.89
10.40
162.80'1,,4'J,5.62
14.44
14.46
220.18
1.1.4.5L
489.27
10.40
52.O4
13.86
13.89
174.86
5.79
52.O4
1,4.46
LO4.11,
208.20
132.74
23,502.L1_
293.s3
I24.9213.89
10.40
555.23
132.74
IO4.TL
11.56
White 3-23
s 2,702,932.09
280.62
374.1,4
1.1,.22
74.97
L1,.22
175.53
L,526.32
1.5.57
l_5.60
237.40
723.47
527.53
IL.2256.L1
1_4.95
74.97
188.53
6.24
56.11
15.60
1,12.25
224.48
L43.r225,339.99
31.6.49
1.34.69
L4.97
L1..22
598.65
1,43.L2
1.r2.25
t2.46
Total
S 5,209,823.90
540.89721-.14
21.62
28.86
21.62
338.33
2,941.94
30.01
30.06
457.58237.98
1,016.90
2'-.62108.15
28.81
28.86
363.39
L2.O3
108.15
30.05
2t6.36432.68
275.8648,842.10
610.02
259.61
28.86
2L.62
1,153.99
275.86
216.36
24.O2
KIMBERLY ANN RUARK
LARRY CLYDE MURRAY TR
LARSEN BEAR LAKE LLC
LAVINIA SCHREUDER TR
LAWRENCE J BRADSHAW SPECIAL
LUCILLE B BURHENN
LUCY BONSALL
LYNNE P BIGLEY
MARCIA S WRIGHT
MARILVN B REAGAN TR BENEF FRAN
MARKD&TARYNJRAVEN
MARY S PARLIN
MEAGHER OIL & GAS PROP INC
MELVIN D CLOSE TR
MST 72 LLC
MYRTLE W DRAPER
NODILO FAMILY TR
PATRICIA CLOSE
PENTAGON OIL CO
REX ROSS WALKER
RONALD VAN VOORHIES
RYAN ROBERT DOHENY
SHARON BELL
THOMAS E ROBINSON FAMILY TR
UNKNOWN WHITE 23C5 OWNERS
VETAR ENERGY
VICKY ANN MALLOCK FAMILY TR
VIOLA VESTAL COULTER FDN 01-13VODA ENERGY CO LLC
WILLIAM J&JANET B HATCH AB LIV
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
RI
0.0000230700.00004s6800.000041s30
0.000007860
0.0000078s0
0.000005770
0.0000046100.0000041500.000221_480
0.0000157100.0000041500.0000L1540
0.000016610
0.000117090
0.0002214800.0000332200.0000276800.0001170900.0001405900.00004L530
0.000103820
0.00000231_0
0.0000046100.000041530o.oot7L1,4600.0093750000.0000276800.000138410
0.0093750000.000027680
57.83
LI4.51.704.1,1,
19.70
19.68
14.46
11.56
10.40
555.23
39.38
L0.40
28.93
41..64
293.53
555.23
83.28
69.39
293.53
352.44
1.O4.tI
260.27
s.7911.56
ro4.7r4,290.44
23,502.11_
69.39
346.98
23,502.1,1
69.39
83,545.51
62.36
723.47
1.r2.25
2L.25
21.22
15.60
12.46
1.1..22
s98.6s42.46
t1..22
31.L9
44.90
31,6.49
598.65
89.79
74.82
3L6.49
380.01
1.12.25
280.62
6.24
12.46
1.12.25
4,625.9625,339.99
74.82
374.1L
25,339.99
74.82
90,o79.O2
120.19
237.98
2L6.3640.95
40.90
30.06
24.O2
2t.621,153.88
81.842L.62
60.L2
86.54610.02
1,153.99t73.O7L44.21
610.02732.45
2L6.36
540.89
12.03
24.O2
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48,842.LO
144.2t72t.O9
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144.2L
173,624.63
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522.66
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533,72t.66
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546,297.68
-546,297.68
546,222.s9
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$'r,913,796.60
568.53
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100
100
100
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100
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202
202
202
202
202
202
202
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DRP
202
202
202
DRP
202
202
100
202
DRP
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202
202
Sales
Date
Prop
Net
Value
Avg
Prc
Prd
cd
Property
Gross
Vol
white 1-23C5Property
Gross
Value
Owner Gross
0.00937s
L92.O2 s
8,820.32 s
4,277.46 s
t.za S
2,040.78 s
o.2L s18.44 S
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434.04 S
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433.34 S
296.8s s
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294.46 S
95.2L s
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r,666.63 s
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(0.ls) s
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toz.to S
Ovner Sever
Tax
0.38
L7.64
8.55
4.08
Net Shere VETAR
ENERGY 0.009375
rgt.64
8,802.68
4,268.90
1.28
2,036.69
o.2t
13.30
(13.30)
L3.77
316.84
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0.02
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210.88
64.LI
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69.4L
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69.42
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Sever
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Sales
Date
Prop
NetValue
Avg
Prc
Prd
cd
Property
Gross
Vol
-10,83
Property
Gross
Value
Property
Sever
Tax
PropertyDeducts
Owner otherDeductions
Net Shere
VETAR ENERGY
0.009375
OwnerGross OvnerSever
0.009375 Tax
orlotl2oL6
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or/o1/2oL6
02/ot/2016
02/or/2016
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03/01/2016
03/ot/2016
03/oL/20L6
03/or/2016
03/otl2oL6
03/o7/2OL6
03/orl2ot6
03/0r/2016
03/orl2016
03/ot/2oL6
04/or/2016
04/oLl2OL6
04/or/2oL6
04/oL/2O76
04/or/2076
04/o1/2016
os/or/2016
os/oL/2016
os/ot/2016
os/oL/2016
os/or/2oL6
s26.6s
5r.22
sL.22
5L.22
$2s.72
s7.22
5t.22
S31.89
S31.89
$o.ss
S31.89
S31.89
So.gs
S31.89
S31.89
So.e8
S0.98
S34.s4
s1.03
$a+.s+
S34.s4
S1.03
s1.03
544.46
$42.r2
Sr.z2
5r.22
5L.22
2,867.99
10,814.00
278.06
-278.06
-10,814.00
10,814.00
2,867.9s
7,539.00
-2,867.94
2,867.94
-7,539.00
7,539.00
r,996.t7
284.36
5,572.OO
$r22,s
5t3,2s7
s
-Stz,zst
s96,680.
Sr+,:
-S14,3
S8,866.ss
SgL,4s2.t
s
S8,866.ss
59t,4s2.r7
S8,866.ss
-S8,866.ss
-S10,624.s0
s10,624.s0
599,o72.76
57,777.3s
-599,O72.42
$99,o72.42
-57,777.3s
$7 ,777.3s
s88,743.s3
irL,976.39
S6,814.66
-56,8L4.66
S6,814.66
1,148.63 s
124.29 5
124.34 s
(124.2s) s
906.38 s
L34.20 s
(134.20) s
83.12 s
8s7.36 s
99.60 s
83.12 s
8s7.36 s
es.60 s
83.12 s
(83.12) s
(ee.60) s
99.60 s
928.80 s
72.9r s
(s28.80) s
928.80 s(72.s1) s
72.91 s
83L.97 s
Lr2.28 s63.89 s
(63.8s) s
63.89 s
3.64
37.59
t.74
3.64
37.59
r.74
L.74
(3.64)
(r.74l,
7.74
41.30
1.32
(41.31)
4L.3L
(1.32)
r.32
38.40
5.15
1.30
(1.30)
1.30
45.40
45.40
(4s.40)
45.31
45.31
45.31
31.59
(31.ss)
31.59
23.24
(23.24l,
L,146.34
78.73
78.79
(78.731
868.41
82.76
(82.16)
79.44
8L9.77
s2.56
79.48
8r9.77
52.56
79.48
(7s.48)
(s2.s6)
52.56
887.50
40.00
(887.s0)
887.50
(40.00)
40.00
793.57
LO7.t3
39.25
(3e.2s)
39.2s
100
202
202
202
100
202
202
100
100
202
100
100
202
100
100
202
202
100
202
100
100
202
202
L00
100
202
202
202
s
s
s
s
s
s
s
5
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
2.30
0.16
0.15
37.97
2.72
(0.16)
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
$
s
)
s
s
s
s
s
s
s
s
s
s
s
5
s
s
s
s
s
$
s
s
s
s
$
s
s
3,
IL,
1r,49.33
(49.33)
45.31
(2.721,
2,467.99
1)(4s.3
White 1-23C5, Totals first 5 mo. 2015
White 1-23C5, Aug. to end of Dec. 2015
S 23,502.09
5L22,276.oo
S8,398.24
Ss,+oq.rs
-$8,398.24
s92,630.81
58,763.64
-58,763.64
58,477.79
s87,442.36
Ss,606.40
58,477.79
587,442.36
Ss,6o6.4o
$e,qtt.tg
-s8,477.79
-Ss,606.40
5s,606.40
S94,666.66
54,267.LL
-s94,666.33
S94,666.33
-54,267.r1
54,267.rr
584,647.88
5rL,427.s6
S4,186.1s
-54,186.1s
s4,186.1s
5625,ss9.40
51.,887,332.32
$2,so6,89L.72
So.oo
54,842.62
54,842.62
-54,s42.62
so.oo
Ss,261.81
-Ss,261.81
So.oo
So.oo
54,s32.77
$0.00
so.0o
$4,832.77
so.oo
So.oo
-54,832.77
s4,832.77
so.oo
S3,369.17
So.oo
so.oo
-S3,369.17
S3,369.17
So.oo
So.oo
$2,49o.L2
-52,490.t2
s2,49O.t2
524s.o4
$re.ss
$ro.sq
-S16.83
S4,049.98
s289.77
-5289.7r
S388.76
54,009.81
s18s.33
s388.76
s4,009.81
s18s.33
s388.76
-S388.76.
-S18s.33
S18s.33
S4,406.10
5L4L.o7
-$4,406.09
S4,406.09
-Sr4r.o7
5t4t.o7
S4,o9s.6s
Ss48.83
S138.39
-s138.39
s138.39
t,624.50
>_,52r.O4
\,257.69
\,263.59
\,257.69
,,680.79
1,315.16
1.315.15
t,452.t7
t,624.50
1
s668,
$1 ,913,
TOTAL 2016- 2017
23.24
Net ShereVETAR
ENERGY
Owner otherDeductions
Ovner Sever
Tax
Owner Gross0.009375Net
Prop
ValuePropertyDeducts
PropertySeverTax
PropertyGrossValueVol
GrossProperty
o"nl
"'"l
Prdcd
White Trust 3-32C5
SalesDate
06/orlzots
06/0r/2ots
06/01/20rs
07/oL/20Ls
07/or/21Ls
07loLl21rs
07/o7/20rs
07loL/2OLs
07lotlz0rs
07/ot/2ots
08/ot/2ors
o8/oL/2ors
08/07/2O1s
08/0]-/21rs
08/oLl2O7s
08/orl2ors
08/ot/2ots
09/oL/2ots
09/ot/20rs
09/or/2oLs
09/oL/zOLs
ro/or/2o]-s
ro/o1-l2oLs
ro/0L/2ots
ro/0r/2oLs
LO/OLl20ts
LO/Ot/2Or5
tr/orl20t5
Lr/orl2ors
LLlOLl2O7s
100
202
DRP
100
202
DRP
202
202
DRP
DRP
100
100
100
100
202
DRP
DRP
100
202
DRP
DRP
DRP
100
202
DRP
DRP
DRP
100
202
DRP
Sso.26
S1.s2
541.33
542.78
S1.61
S32.43
s1.61
S1.61
S32.43
Szz.qz
s36.03
$36.03
524.89
S3s.17
s1.ss
4.62
o.12
]-5.79
o.67
(0.67)
o.67
6.6s
0.19
o.r4
0.19
0.57
3.89
o.29
2.9L
0.15
24.O2
0.98
t21.32
2.66
(r2t.32\
72]..32
2.66
(2.66)
to7.97
L.62
55.95
0.6s
3.89
19,686.93
30,199.00
8.75
-30,199.00
30,r-99.00
8.75
-8.7s
9,849.44
276.3L
292.84
284.33
26,876.00
7.O7
-7.O7
5,426.30
13p27.OO
2.58
-2.58
4,899.35
7,907
s283.76
-52s3.76
S3s4,843.8i.
59,9s4.57
57,288.49
S9,999.60
54t,766.Ls
5L72.43
-5L72.43
5207,234.73
S21,316.s1
S69.s7
-S69.s7
S123.66
S167,006.06
ito,466.46
S709.69
Srg.gr
S14.s8
520.00
Soo.so
So.:+
-So.sq
5414.47
SEo.zo
S0.14
-S0.14
So.2s
s334.01
S14.16
-So.zs
So.2s
-So.2s
S310.37
s2,s
$o.oo
So.oo
S11,s16.36
5r72.77
-5r72.77
So.oo
5s,967.72
S69.78
-S69.78
So.oo
So.oo
S3,388.1s
50.00
5r2t.62
-5r2r.62
524s,
-S1.1
5206,820.26
S1s,318.09
-go.3s
$0.3s
SL23.4r
5166,672.os
S7,064.1s
-$r23.4r
Si..79
-51.7e
S1s4,876.68
2,308.33 s
8s.12 S
1.s1 s
7,895.91 s
4ss.20 s
z.oo S
(4ss.20) s
4ss.38 s
2.66 s
(2.66) s
3,326.66 s
93.32 S
68.33 s
93.74 5
agr.so S
r.62 s
(1.62) s
\,942.82 s
199.84 s
0.6s s
(0.6s) s
1.16 s
1,565.68 s
98.12 s
(1.16) s
1.16 S
(1.16) s
1,454.88 s
]lr.2r S
o.32 s
5246,22r.73
$s,ozg.s:
S160.
5842,230.49
S48,s54.19 57r.23 s
S283.
-S48,ss4.19 -57r.23
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
$
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
$
s
s
s
s
s
s
s
s
s
s
s
s
s
s
)s
s
s
s
2,303.7L
60.98
0.53
7,880.t2
333.2t
333.40
3,320.Ot
93.13
68.19
93.55
283.O2
1.,938.94
L43.6r
1.t6
r,562.55
66.23
(1.16)
0.02
(0.02)
r,457.97
73.63
o.32
-s
s
S283.
Sr. r
53s4,L34.r2
s
57,273.91
S9,979.60
s30,189.29
-s0.68
s0.68s
s27
s
3.13
0.13
s27
527
527
-s
s
-s
3L.76
1't4
(1
S1ss,187
5L.27
524.42
9,3
S33.es
Sls. S3,993. 57 37.43
ttl01/20rs
rr/01/2ors
Lrlot/zors
t2/orl2o7s
t2/o1/20rs
r2/oL/2OLs
L2/07/zOLs
524.42
Sz+.qz
524.42
s31.3s
51.30
S18.83
So.oo
S10,187
(0.32)
1,166.18
L46.96
o.24
(o.241
DRP
DRP
DRP
100
202
DRP
DRP
-S33.88
5o.+t
s
s
s
s
s
s
s
(0.32)
o.32
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
(0.32)
1,LL5.2I
95.50
o.23
3,967 s
0.31
(0.31)
48.30s s336.
50.97
3.16
0.00
White Trust 3-23C5 June to end of 2015
Sales
$2,283,s7t.66 59,980.91 94s,933.97 92,227,6s6.7s S 2t,4o9.2t S gg.sz $ tro.gg
Date
0L/0r/2016
02/0L/20L6
02/or/20t6
02/oLl2016
02/ot/2016
03/oL/2ot6
03/otl2016
04/or/2oL6
04/oL/2OL6
04/oLl2OL6
04/01/2OL6
os/o7/2016
0s/orl2016
os/oL/2ot6
os/oL/2oL6
os/oL/2016
os/o7/2016
os/oL/2oL6
0s/o7/2oL6
os/orl2016
White Trust Total firs 5 mo.
White Trust 3-23CS End of 2015
5 zo,seq.zz
Net ShereVETAR
ENERGY6 6noatE
836.L2
743.8r
99.75
99.79
(ee.7sl
896.98
65.57
794.36
51.L2
17e4.36\
794.36
799.92
108.70
59.34
(108.70)
108.70
(7ss.szl
799.92
(ss.34)
59.34
s
s
s
s
s
s
s
s
$
s
s
s
$
s
s
s
s
s
s
s
s
$
4,455.7r
20,884.27
Owner otherDeductions
OvnerSever
Tax
Owner Gross0.009375
873.02 s
776.33 s
r63.7s s
163.78 s
(163.72], 5
938.11 s
128.60 s
831.33 s
94.32 s
831.33 s
(831.33) s
838.62 5
Lr3.92 s97.7L s
(113.e2) s
113.92 s
(838.62) s
838.62 s(e7.7Ll 5
97.7r s
36.89
32.52
3.30
3.30
(3.30)
41.13
2.r7
36.97
1.69
36.97
(36.e7)
38.70
5.22
r.97
(s.22)
5.22
s
s
$
s
s
s
s
s
s
s
s
5
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
s
60.87
41.51
36.4L
60.70
60.70
(60.70)
(36.41)
36.4t
(38.70)
38.70
(1.s7) $
1.s7 s
NetProp
Value
s89,186.s0
S79,339.68
s10,640.39
51o,644.L4
-S10,640.39
Sss,678.06
56,994.28
584,73r.44
Ss,4s2.69
-584,73r.44
isq,tr.+q58s,324.67
'LL,s94.7456,329.10
-'rL,s94.74
iLr,s94.74
-58s,324.67
iss,324.67
-S6,329.10
$0,:zs.ro
547s,27s3a
52,227,6s6.78
702,932.04
DeductsProperty
So.oo
So.oo
ia,Eq.zq
56,474.24
-$6,474.24
So.oo
56,492.s7
s0.00
54,427.89
$o.oo
So.oo
So.oo
So.oo
S:,aaq.or
$o.oo
So.oo
so.oo
So.oo
-S3,884.01
S3,884.01
PropertySeverTax
S3,93s.24
S3,468.87
S3s1.74
S3s1.87
-53s1.74
54,387.48
5237.22
S3,943.68
s180.26
-S3,943.68
s3,943.68
54,r28.39
sss6.86
S209.23
-Ssso.so
Sss6.86
,54,L28.39
54,L28.39
-s209.23
5209.23
PropertyGrossValue
593,L2r.74
s82,808.ss
5L7,466.37
Sr7,47o.zs
-St7,466.37
S1oo,o6s.s4
5L3,718.o7
588,67s.t2
S10,060.84
-s88,67s.12
S88,67s.12
S89,4s3.06
S12,151.60
5ro,422.34
-S12,1s1.60
S12,151.60
-S89,4s3.06
s89,4s3.06
-51o,422.34
iLo,422.34
5sr7,947 .LI
s2,283,s7r.66
S2.801.s18.77
PropertyGross
Vol
3,488.79
3,2r9.88
14,487.OO
14,487.OO
-14,487.OO
3,138.1r.
t4,s28.OO
2,566.96
9,908.00
-2,566.96
2,566.96
2,OL2.t3
288.52
8,691.00
-288.s2
288.52
-2,Or2.L3
2,Or2.t3
-8,691.00
8,691.00
AvgPrc
S26.69
52s.72
5t.zt
5t.2L
S1.21
S31.8e
s0.94
S34.s4
S1.02
S34.s4
S:+.s+
544.46
54z.rz
sr.2o
542.t2
542.t2
544.46
544.46
S1.20
s1.20
Prdcd
100
100
202
202
202
L00
202
100
202
100
100
100
100
202
100
100
100
100
202
202
TOTAT
White 1-23C5, Total Aug.2015-End of May 2016White Trust 3-23C5 June 2015 to end of May 2016
S 2,s82,s33.1s
s 2,8]r,sr8,77
S s,384,0s1.92
)s
s
s
2,506,89L.72
2,702.932.0812s,339.98
23,sO2.O9
$ 48,842.07S s,209,823.80
(https://www. linnenergy.com)
OWNERS
0wnersOnAugust 7,20l8,Linn Energy completed the spin-offof Riviera Resources, Inc. ("Riviera"). Riviera now
owns all of Linn Energy's legacy oil and gas properties located in the Hugoton Basin, East Texas, North
Louisiana, Michigan/Illinois, the Uinta Basin, and Mid-Continent regions.
Please see the Owner Relations tab of the Riviera Resources website (http//www.rivieraresourcesinc.com) for
contact information.
This is a otNews release" by Riviera Resources. Inc.
Go to the end of the article and read; In 2017 and 2018" Linn Enerw sold $2BN in assets
and generated enough in proceeds to repav all debt and repurchase 9Yo ofshares outstanding.
If true, why were Royalties not payed prior to May 2016, on Two (2) Oil and Gas Wells named,White l-23C5 and White Trust 3-23C5, located in Section 23, Township 3 South - Range 5West, Duchesne County, State of Utah.
Riviera Resources: An Orphaned Spin-Off With88o/o+ UpsideApi. 10. 2019 I I ;26 z\lVI l: t'
About: Riviera Resources. Inc. (RVRA)
Stock Spin-off InvestingI-ong onll'. special situations. event-driven" resear.ch analvst
Stock Spj!:aiT4lpha
Summary
Riviera is a recent spin-off from Linn Energy.
It is executing well but has been ignored by sell-side analysts and institutional investors as it
trades over the counter.
Company is aggressively buying back stock. Has bought back 1Oo/o of shares since the spin-off.
Could buy back an addition al 17% of shares outstanding.
Elliott Management, Fir Tree Capital, And York Capital own over 50% of the company, control
the board of directors, and are aligned with minority shareholders to maximize value.
Current valuation implies up to 88% upside.
This idea was drscussed in more depth with members of my private investing community, Sfock
Spin-off Alpha. Starl vour free trial todav y
Summary
Riviera Resources (Riviera or OTCQX:RVRA) is an unlevered, orphaned oil and gas spin-off
that is trading at a deep discount to its peers. lt is covered by zero sell-side analysts and trades
over the counter. Once the company grows its midstream business, it will likely be sold or spun-
off which will be a major catalyst. Some of the shrewdest investors in the world own over 50% of
the stock, and the company is on track to buy back over 25o/o of shares outstanding. A
conservative valuation implies 30% upside. A more optimistic valuation implies 88Vo+ upside.
Overview
Riviera Resources is a spin-off from Linn Energy (LNGG), a post-bankruptcy equity that is
trading overthe-counter. Linn Energy emerged from bankruptcy on February 28,2017, and is
majority owned by Linn Energy debtors who bought the debt at distressed valuations prior to the
bankruptcy
\r-r..d .lddrem cl lkntllclrl lhlrr
lrhrrn sJ{ nnrtul Stdrl
lhrJttrqllbHdtt !
5ql iilarlh.ldrfr:[]llrrll tirilrli!:tFir T!c( ttqdrr rI1'** [ rFitrrl lirndrt* t
Source: Riviera Resources S-1
As shown above, Elliot funds (Elliott Management), Fir Tree Funds, and York Capital Funds own
over 50% of company's stock and effectively control the company. Elliot, Fir Tree, and York
Capital actually own a higher percentage than is indicated above as RVRA has been buying
back stock aggressively in the past 6 months.
These shareholders (and board members) have been working aggressively to unlock value at
the company as they believe shares are significantly undervalued ln 2O17 a 2018. Linn
Enerov sold $2BN in assets and qenerated enouqh in proceeds to repav all debt and
repurchase 9% of shares outstanding
On February 27,2018, Linn Energy announced its plan to split itself into three different publicly
traded companies. Ultimately, management and the board of directors decided that the best
path forward was to split into two (instead of three) publicly traded companies.
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