The Mid-Continent region consists of properties located in the Anadarko and Arkoma basins in Oklahoma, as well as waterfloods in the Central Oklahoma Platform.
In June 2017, LINN and Citizen Energy II, LLC announced an agreement to contribute certain upstream assets to form a new company, Roan Resources LLC, which will be focused on the accelerated development of the prolific Merge/SCOOP/STACK play in the Anadarko Basin. In exchange, LINN will receive 50 percent of the equity interest in Roan. The transaction is expected to close in the third quarter of 2017.
The Company also has a significant acreage position in the emerging horizontal plays in NW STACK and Arkoma along with mature low-decline waterfloods.
Mid-Continent proved reserves represented approximately 19% of total proved reserves at December 31, 2016, of which 81% were classified as proved developed. This region produced approximately 101 MMcfe/d or 17% of the Company’s 2016 average daily production. During 2016, the Company invested approximately $31 million to develop the properties in this region and approximately $40 million in exploration activity.
The numbers provided above are pro forma for the closing of Jonah, Salt Creek, South Texas and California.
Additional information regarding this asset can be found in our Emergence Presentation.